US service industry grows more slowly in December
Hailey Shevitz, an employee at Casbah, cuts bread for take-out orders at the restaurant, Wednesday, Dec. 22, 2021, in Shadyside neighborhood in Pittsburgh.[Nate Guidry/Pittsburgh Post-Gazette via AP]
Growth in the U.S. service industry, where most Americans work, pulled back in December after expanding at a record pace the previous two months.
The Institute for Supply Management reported Thursday that its monthly survey of service industries declined to a reading of 62 last month, from an all-time high of 69.1 in November. Any reading above 50 indicates growth.
Business activity, employment, new orders and supply deliveries all showed slower growth in December, the ISM report said.