By Ed FranklThe U.S. services sector grew at a slower pace than expected in December as demand cooled and employment conditions slumped, according to survey data released Friday. The Institute for Supply Management's services-activity index fell to 50.6 in December from 52.7 in November. Despite the decline compared with November, a reading above the no-change mark of 50 indicates expansion in the services sector, which has grown for the last 12 months, and 42 of the past 43, the ISM said. ISM's employment index sank to 43.3 from 50.7 in November, its new orders index ticked down to 52.8 from 55.5 in the prior month, though the ISM's business-activity index rose by 1.5 points on month to 56.6. Write to Ed Frankl at edward.frankl@wsj.com(END) Dow Jones NewswiresJanuary 05, 2024 10:35 ET (15:35 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal January 05, 2024 21:41 UTC