Economic activity in the services sector grew in December for the 83rd consecutive month, according to data from the Institute for Supply Management on Thursday.
The institute’s non-manufacturing index hit 57.2 in December. The index hit the same number in the previous month.
Economists expected the ISM non-manufacturing index to tick lower to 56.6 in December, according to an estimate from Thomson Reuters.
A reading above 50 indicates expansion in the service sector and a reading below 50 indicates contraction.
“The non-manufacturing sector closed out the year strong, maintaining its rate of month-over-month growth. Respondents’ comments are mostly positive about business conditions and the overall economy,” Anthony Nieves, chair of the Institute for Supply Management, said in the report.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.