Survey: Growth at US services companies slowed in December
WASHINGTON - A private survey says U.S. services companies grew in December at the slowest pace since early 2014.
The Institute for Supply Management said Wednesday that its services index dipped to 55.3 last month from 55.9 in November. The December reading matched the most recent low of 55.3 set in April 2014. Still, any reading above 50 signals that services firms are expanding.
The survey showed faster growth for business activity, new orders and employment last month, but supplier deliveries and inventories fell.
Last year, services helped support U.S. economic growth. Employers have added 2.6 million jobs in the past 12 months, with nearly 90 percent of the jobs coming from the services sector as auto sales have hit record highs and spending at restaurants has surged.