Monday, December 05, 2011
Service sector growing
Posted by David Smith at 01:00 PM
Category: Thoughts and responses

The purchasing managers' index for the service sector showed a welcome rise in November, up to 52.1 from 51.3 in October. Though this is consistent with only modest growth, it suggests the economy is holding up pretty well, given the huge uncertainty. Indeed, on this evidence, predictions of a drop in GDP in the fourth quarter may be unduly pessimistic. The release is here.