Posted 1/5/2024, 3:15:00 PM
Service Sector Growth Slows in December, Raising Concerns of Economic Soft Patch
- ISM service sector index fell to 7-month low of 50.6% in December, suggesting economic hiccup
- Production gauge rose to 56.6%, but new orders and employment indexes dropped
- Employment barometer plunged 7.4 points to 43.3%, conflicting with December jobs report
- Prices-paid index slipped to 57.4%, signaling easing inflation
- Economy slowed in Q4 but still expanding; prospect of lower rates could support economy