An index of the U.S. economy’s service sector decreased in December, the Institute for Supply Management reported Jan. 6.
ISM’s monthly services index declined to a 53 reading from 53.9 in November. Figures of more than 50 indicate expansion, and figures below that show contraction.
The reading was below economists’ median forecast of a 54.7 reading, Bloomberg News reported.
ISM’s services index measures nonmanufacturing components of the economy. The services sector, which includes transportation, retail sales and financial services, accounts for nearly 90% of the U.S. gross domestic product.