Service
industries expanded in December at the slowest pace in six months,
indicating the biggest part of the U.S. economy cooled as the year drew
to a close.
The
Institute for Supply Management™s non-manufacturing index fell to 56.2
from a November reading of 59.3 that was the second-strongest since
2005, the Tempe, Arizona-based group™s report showed today. The average
for all of 2014 was the highest in nine years. The median forecast of 75
economists surveyed by Bloomberg called for a December figure of 58.
Gains
in consumer spending will probably underpin the service industries that
make up almost 90 percent of the economy as global markets struggle to
gain momentum. Increased hiring and the cheapest gasoline since 2009 are
helping spur sales from auto dealers to apparel retailers.
The
group™s non-manufacturing survey covers an array of industries
including utilities, retailing, and health care, as well as construction
and agriculture.
Source: Bloomberg
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