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The economic activity in the US’ service sector continued to expand at a robust pace in December with the Institute for Supply Management’s (ISM) Services PMI improving to 57.2 from 55.9 in November. This reading came in better than analysts’ estimate of 54.5.

Further details of the publication revealed that the New Orders Index climbed to 58.5 from 55.9, the Employment Index dropped to 48.2 from 51.1 and the Prices Paid Index edged lower to 64.8 from 66.1.

Developing story…