Dec 5, 2019 - Economy & Business

The U.S. services sector is holding on

Dion Rabouin, author of Markets
Expand chart
Data: Institute for Supply Management; Chart: Axios Visuals

Economists and fund managers are concerned about the services sector, which makes up around 70% of U.S. employment.

Driving the news: ISM's non-manufacturing PMI report released Wednesday showed a weaker-than-expected reading that was 5.4 points below October, but continued to expand with a reading above 50.

  • It was the 124th consecutive month the index has shown growth.

Why it matters: Unlike the manufacturing sector, services data has disappointed but has yet to fall into contraction in the U.S. and much of the rest of the industrialized world.

Go deeper: Index tracking U.S. services sector activity falls to 3-year low

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Axios
Updated 21 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 32,870,631 — Total deaths: 994,534 — Total recoveries: 22,749,163— Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 7,079,689 — Total deaths: 204,499 — Total recoveries: 2,750,459 — Total tests: 100,492,536 — Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemic — Fewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.
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Graham hopes his panel will approve Amy Coney Barrett by late October

Sen. Lindsey Graham during a Senate Judiciary Committee hearing on Sept. 24, 2020 in Washington, DC. Photo: Win McNamee/Getty Images

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