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"The economy continues to muddle along at a moderate pace"
- Richard DeKaser, deputy chief economist at Parthenon Group Inc.
U. S. service sector expanded in November at the slowest pace in almost two years. The Institute for Supply Management's non-manufacturing index slid to 52 from 52.9 in October, said the company on Monday. Reading above 50.0 indicates industry expansion.
"The economy continues to muddle along at a moderate pace," said Richard DeKaser, deputy chief economist at Parthenon Group Inc. in Boston. "The economic fundamentals are reasonably strong but are being stymied by the elevated uncertainty."
ISM services "is pretty much in line with the market sense that though the economy has improved, it is still not growing very quickly," said Cary Leahey, managing director and senior economist at Decision Economics in New York. "This is the first disappointing indicator we've seen in the last couple of weeks."