Bloomberg reports:
U.S. service industries contracted in December for a third consecutive month as consumers retrenched and the housing slump worsened.
The Institute for Supply Management’s index of non- manufacturing businesses, which make up almost 90 percent of the economy, rose to 40.6, higher than forecast, from a record-low 37.3 the prior month, figures from the Tempe, Arizona-based ISM showed today. Readings below 50 signal contraction, and this month’s reading is the second lowest since records started in 1997.
Source: ISM
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