Investing.com – The service sector in the U.S. grew more-than-expected in December, expanding for the eleventh consecutive month, industry data showed on Wednesday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 57.1 in December, after rising to 55.0 in November.
Analysts had expected the index to rise to 55.7 in December.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The report said 11 industries reported growth in December, while 3 industries reported contraction for the month.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD tumbling 1.13% to hit a five-day low of 1.3159.
Meanwhile, U.S. equity markets were mixed. The Dow Jones Industrial Average shed 0.10%, the S&P 500 index dipped 0.10%, while the Nasdaq Composite index climbed 0.06%.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 57.1 in December, after rising to 55.0 in November.
Analysts had expected the index to rise to 55.7 in December.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The report said 11 industries reported growth in December, while 3 industries reported contraction for the month.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD tumbling 1.13% to hit a five-day low of 1.3159.
Meanwhile, U.S. equity markets were mixed. The Dow Jones Industrial Average shed 0.10%, the S&P 500 index dipped 0.10%, while the Nasdaq Composite index climbed 0.06%.