US service industries contracted by the biggest margin on record in November, while the private sector shed the most jobs in six years, new data showed on Wednesday.

The Institute of Supply Management said that its monthly survey of business conditions in the non-manufacturing sector recorded a reading of 37.3 per cent in November – down 7.1 percentage points from the month before – where a reading of 50 indicates expansion. That was the lowest reading since the survey began in 1997, the biggest month-to-month drop and worse than the 42 per cent reading economists had expected. Of the 18 industries surveyed, one reported growth: healthcare.