ISM Services Index Falls in December

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The economy’s service sector growth rate fell in December following two increases, the Institute for Supply Management reported Thursday. ISM’s services index fell to 57.1 from to 58.9 in November, which had been the highest in six months. The service index measures non-manufacturing components of the economy, and figures of more than 50 indicate expansion.Analysts’ had expected the index to fall to 57, Bloomberg reported.The new orders index fell to 54.4 from 57.1 in October. The prices-paid index jumped to 59.1 from 55.6.The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.

 

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