An assessment of the U.S. service sector indicated major growth in December, bolstered by holiday retail sales. The positive news designates a steadily improving economy; however, things still appear to unstable to justify more hiring.
Seven of 18 industry sectors reported growth with the overall service index rising to 50.1 for December from 48.7 the month earlier according to the Institute for Supply Management.
The Institute’s employment gauge did not increase for the month, currently at 44 from 41.6 a month earlier, though it decreased more minimally than it has for some time.
There have been fewer layoffs with each month that passes but job generation remains stunted. Retail, finance, insurance and public administration all tacked on jobs for December; however, economists expect that the 8,000 job losses they predict for last month will negate the headway.
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