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  /  News   /  Economic Report: A huge part of the U.S. economy grew in November at a record pace, ISM finds

Economic Report: A huge part of the U.S. economy grew in November at a record pace, ISM finds

Service-oriented businesses such as banks, retailers, drug stores and the like grew in November at the fastest pace on record, a new survey showed, even as companies grappled with major shortages of labor and supplies.

The Institute for Supply Management’s services PMI climbed to 69.1% last month from 66.7% in October, marking the biggest increase on record. The survey results go back to 1997.

Economists polled by The Wall Street Journal forecast the index to fall to 65%.

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