US service industry grows more slowly in December

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.