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Economic activity in the non-manufacturing sector grew in December, but at a slower rate than November, according to the Institute for Supply Management’s non-manufacturing report on business, released today.
ISM’s non-manufacturing business activity index edged down in December to a reading of 53.0 from November’s reading of 53.9. Readings above 50 indicate growth.
Bloomberg reports the pace of expansion was slower than expected.
However, the employment portion of the index rose to a reading of 55.8 in December, up from November’s reading of 52.5.