A measure of the US economy landed weaker than expected today when the Institute for Supply Management (ISM) said its monthly non-manufacturing index, which measures the services sector of the economy, fell to 58.6 in December from 60.1 in November.
The services sector overall grew for the ninth month in a row in December but at a much slower pace than analysts had anticipated.Economists had forecast a median reading of 61.3. Any reading over 50 indicates expansion.
A separate report showed that new orders for US factory goods fell in November. Factory orders dropped 1.4% in November, after rising 2.4% the previous month. The decline was the largest in more than six months and was close to Wall Street expectations for a drop of 1.5%.
