US Services Growth Slows With Employment Shrinking Most Since 2020
- ISM services PMI decreased 2.1 points in December to 50.6
- Gauge of new orders dropped to three-month low of 52.8
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The US service sector came close to stagnating at the end of 2023 as a gauge of employment showed the biggest contraction in more than three years.
The Institute for Supply Management’s overall gauge of services decreased 2.1 points, the most since March, to 50.6 in December. The index, while remaining above the 50 level that indicates expansion, was the second-weakest of the year.