The Institute for Supply Management’s non-manufacturing business activity composite index was 48.7 in November, off from 50.6 in October on a seasonally adjusted basis, the group said yesterday.

Economists polled by Thomson Reuters had expected a 51.5 level. The prices paid index, closely watched for signs of inflation, grew to 57.8 from 53.0. The employment index increased to 41.6 from 41.1.

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