The data released by the Institute for Supply Management reported a service-sector activity rise of 56.5% for November, compared to 54.4% for October. In addition, better-than-expected jobs added during the last month signal an economic resilience that even the Federal Reserve is finding difficult to subdue in its fight against inflation.
In the run-up to year-end festivities, increased consumer spending is also set to increase, thereby adding more wind to the sails of businesses that have been under pressure by aggressive interest rate hikes and other macroeconomic headwinds for a greater part of the year.
