ISM Services Index Declines in November

The economy’s service sector growth rate declined in October, the Institute for Supply Management said Wednesday.

ISM’s services index reading for the month fell to 54.1 from 55.8 reading in October, the group said.

The index measures non-manufacturing components of the economy, and figures of more than 50 indicate expansion.

Analysts had expected the index to fall to 55, Bloomberg reported.

The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.