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The Institute of Supply Management reported that the service sector shrank in November. The reading of 48.7 was down from 50.6 in October and much lower than the median of 51.5 expected by analysts.
Why is this number so important? The reason is that the service sector accounts for 80% of US economic activity. A reading below 50 indicates shrinkage in 80% of our economic activity.That is not good news. Dan Cook of IG Markets said: "Seeing the number below 50 there, that to me is pretty harsh."
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