An index of the U.S. economy’s service sector decreased in January from a 10-month high in December, the Institute for Supply Management said Tuesday.
ISM’s monthly services index fell to a reading of 55.2, from 55.7 in December. Figures of more than 50 indicate expansion.
Economists had forecast the index would drop to 55, Bloomberg News reported.
The index averaged 56.1 in the five years prior to the recession that began in December 2007.
ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.