The ISM Non-Manufacturing Index unexpectedly fell to 48.7 in November from 50.6 in October, marking the second month the index weakened after the index rose in September above the level of 50.
Final nonfarm productivity rose at an 8.1% annual rate in 3Q, below the forecast of 8.5%, and well below the 9.5% that was previously reported. Productivity still rose at the fastest pace since 3Q of 2003. Unit labor costs fell 2.5%, versus a drop of 4.1% that was estimated, and compared to the 5.2% drop that was initially announced.
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The Dow Jones Industrial Average lost 87 points (0.8%) to close at 10,366, while the S&P 500 Index was off 9 points (0.8%) to 1,100, and the Nasdaq Composite decreased 12 points (0.5%) to 2,173. Crude oil fell $0.14 to $76.46 per barrel, while the Bloomberg gold spot price decreased $5.00 to $1,210.70 per ounce.
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