US ISM non-manufacturing slumps in November

Activity in the US services sector slumped in November, figures released on Thursday showed.

The Institute for Supply Management's (ISM) non-manufacturing index, which surveys the sector's purchasing and supply executives, tumbled to 55.9 from 59.1 in October and compared with analysts’ expectations for a 58 reading.

New orders, business activity, and employment gauges all fell, the report added.

"The important thing to remember is that it is still at a level consistent with GDP growth of more than 2.5%," said Steve Murphy, US economist at Capital Economics.

"It is still a fairly good illustration that the majority of the domestic economy, which is largely service-driven, continues to weather the strong dollar and weakness in global demand reasonably well."