Services Sector Expands As Prices Gains Moderate
The U.S. services sector expanded at a slower pace in December as the non-manufacturing index dropped to 57.6 from 60.7 in November, on a seasonally adjusted basis, the Institute for Supply Management reported Monday.
An index reading above 50 suggests expansion. Economists polled by IFR Markets had expected a 59.0 level.
The prices paid index slid to 57.6 from 64.3, the 34th consecutive month prices were growing, the ISM said.
The employment index fell to 56.3 from 58.4.