US service industry grows more slowly in December

Growth in the U.S. service industry, where most Americans work, pulled back in December after expanding at a record pace the previous two months

SILVER SPRING, Md. -- Growth in the U.S. service industry, where most Americans work, pulled back in December after expanding at a record pace the previous two months.

The Institute for Supply Management reported Thursday that its monthly survey of service industries declined to a reading of 62 last month, from an all-time high of 69.1 in November. Any reading above 50 indicates growth.

Since recording two months of contraction last year in April and May when the pandemic was raging, the overall index has now grown for 19 consecutive months.

Anthony Nieves, head of the ISM services sector survey committee, said growth in the services industry is still strong and that it didn't appear that the recent surge of the COVID-19 omicron variant had any impact on the December activity in the sector. It's more likely to affect next month's activity, if the virus surge is not contained before then, he added.