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January 6, 2014 10:10 AM, EST
ISM Services Index Declines in December

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.