 "A worker walks through the site of the 34th St. Hudson Yards stop for the Number 7 subway line still under construction in New York")
US services sector activity slowed in November but remained at levels consistent with a steady pace of economic growth for the fourth quarter, a business survey showed on Thursday. Other data reported a small increase in first-time applications for unemployment benefits last week, but planned job cuts announced by companies in November were the fewest in 14 months.
The US Institute for Supply Management said its index of non-manufacturing activity fell to 55.9 last month from a reading of 59.1 in October. In second report, the US Labor Department said initial claims for state unemployment benefits increased 9,000 to a seasonally adjusted 269,000 in the week ended November 28.
Also, global outplacement consultancy Challenger, Gray & Christmas, Inc said US-based firms announced 30,953 job cuts in November, the smallest amount since September 2014 and down 39 percent from October. There were 1,355 oil-related job cuts, the fewest since June.
In a fourth report, the US Commerce Department said new orders for manufactured goods increased 1.5 per cent after two straight months of declines, on rising demand for transportation equipment and a range of other goods.
