US ISM Services PMI rises to 52.7 in November vs. 52 expected

• US ISM Service PMI increases to 52.7 in November from 51.8 in October.
• Dollar slides after JOTLS report and ISM Service PMI.

Economic activity in the services sector expanded in November for the 11th consecutive month. The ISM Services PMI stood at 52.7, up from 51.8 in October and above market expectations of 52.0. 

Further details of the publication revealed that the Business Activity Index registered 55.1 up from 54.1 in October. The Employment Index rose from 50.2 to 50.7. The Prices Index decline from 58.6 to 58.3.

A different report showed that the final reading of the S&P Global Service PMI stood at 50.8 in November, unchanged from the preliminary reading.

Market reaction

The US Dollar Index pulled back from the highest level in almost two weeks near 104.00, to 103.55, affected by the JOLTS report.