ISM's Services Index Rises for December

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he economy’s service sector growth rose last month, the Institute for Supply Management reported Thursday.

ISM’s services index, which measures non-manufacturing components of the economy, rose to 59.8 from 58.5 in November, the group said in its monthly report.

Figures of more than 50 indicate expansion. The December level was greater than analysts' forecasts of a 59 reading, Bloomberg reported.

The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.

The new orders index rose to 61.9 from 59.5, export orders jumped to 61.5 from 57 and the prices index fell to 69.5 from, ISM said.