US service sector growth hits 10-month high in December: ISM

The vast U.S. services sector in December grew at its fastest clip in 10 months, boosted by a rise in new orders, according to an industry report released on Friday.

The Institute for Supply Management said its services index rose to 56.1 last month from 54.7 in November. The December reading was the highest since February and was well above economists' forecasts of 54.2, according to a Reuters poll.

A reading above 50 indicates expansion in the sector. New orders rose for a second straight month, with the sub-index hitting a 10-month high of 59.3 in December after 58.1 the prior month. The employment index jumped to 56.3, the highest since March. It stood at 50.3 in November.

The survey's business activity index slipped to 60.3 from 61.2 while prices paid fell to 56.6, the lowest in five months, from 57.0.

Read Full Article from Economic Times

- Posted: 2013-01-04 16:07:20

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