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Economic activity in the U.S. non-manufacturing sector increased in December at a faster pace than in November and beat expectations. The Institute for Supply Management’s non-manufacturing business activity index rose to a reading of 56.1 in December — the highest reading since March.
Reuters reported that economists had expected it to only grow to a reading of 54.2 from November’s reading of 54.7.
The employment portion of the index also jumped, rising to a reading of 56.3 in December from a reading of 50.3 in November.
Readings above 50 indicate growth.