The U.S. economy’s service sector expanded in December at the fastest pace in four and half years, the Institute for Supply Management said Wednesday.
ISM’s monthly services index rose to a reading of 57.1Ìý— the highest since May 2006 —Ìýfrom 55 in November, ISM said in its monthly report. Figures greater than 50 indicate expansion.
Economists had forecast a reading of 55.7, Bloomberg reported. The index averaged 56.1 during the five-year expansion that ended in December 2007.
ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.
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