by Calculated Risk on 1/07/2020 10:06:00 AM

The December ISM Non-manufacturing index was at 55.0%, up from 53.9% in November. The employment index decreased to 55.2%, from 55.5%. Note: Above 50 indicates expansion, below 50 contraction.

From the Institute for Supply Management: December 2019 Non-Manufacturing ISM Report On Business®

Economic activity in the non-manufacturing sector grew in December for the 119th consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business®.

The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Non-Manufacturing Business Survey Committee: "The NMI® registered 55 percent, which is 1.1 percentage points higher than the November reading of 53.9 percent. This represents continued growth in the non-manufacturing sector, at a slightly faster rate. The Non-Manufacturing Business Activity Index rose to 57.2 percent, a 5.6-percentage point increase compared to the November reading of 51.6 percent, reflecting growth for the 125th consecutive month. The New Orders Index registered 54.9 percent, 2.2 percentage points lower than the reading of 57.1 percent in November. The Employment Index decreased 0.3 percentage point in December to 55.2 percent from the November reading of 55.5 percent. The Prices Index reading of 58.5 percent is the same as the November figure, indicating that prices increased in December for the 31st consecutive month. According to the NMI®, 11 non-manufacturing industries reported growth. The non-manufacturing sector had an uptick in growth in December. The respondents are positive about the potential resolution on tariffs. Capacity constraints have eased a bit; however, respondents continue to have difficulty with labor resources."
emphasis added

This suggests faster expansion in December than in November.