"December 2023 ISM Report: Services Sector Growth Slows, Employment Hits Multi-Year Low"
The December 2023 Services ISM® Report On Business® revealed that the Services PMI® stood at 50.6%, indicating expansion in the services sector for the 12th consecutive month, albeit at a slower pace than in November. The Business Activity Index increased to 56.6%, while the New Orders Index decreased to 52.8%. The Employment Index showed contraction at 43.3%, and the Supplier Deliveries Index indicated faster deliveries at 49.5%. The report suggests overall growth in the services sector, with nine industries reporting growth, but there are concerns about economic uncertainty and labor constraints.