The U.S. services sector expanded in the month of November, according to data released Thursday by the Institute for Supply Management.
Despite the better-than-anticipated number, U.S. equities held near sessions lows following the release, with the Dow Jones Industrial Average down nearly 500 points. The index is down more than 1,300 points in the last two trading sessions as fears of economic slowdown and an inverted yield curve spook investors.
The data release came after ADP and Moody’s Analytics reported that companies slowed the pace of job creation in November amid a tight labor market. The two firms said earlier on Thursday that private companies added 179,000 payrolls last month. Economists polled by Refinitiv had forecast a gain of 195,000.
ISM reported earlier in the week that manufacturing activity rose last month. The ISM manufacturing index increased in November to 59.3 from 57.7 in October.