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U.S. service sector expands at slower rate in December: ISM

Published 07/01/2016, 02:56 am
Updated 07/01/2016, 02:56 am

Investing.com - The U.S. service sector continued expanding last month, albeit at a slightly slower rate than in November according to a report on Wednesday.

The Institute for Supply Management said its non-manufacturing index ticked down to 55.3 from November's 55.9, missing forecasts for a reading of 56.0.

A level above 50 indicates overall expansion in service-sector output.

The report came after a separate survey by Markit showing that while the U.S. service sector grew more strongly than expected last month it was still the slowest expansion since January 2015.

The soft data indicated that the U.S. economic recovery could be in danger of losing momentum.

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