ISM US services PMI unexpectedly falls in December

The Institute for Supply Management's services PMI unexpectedly fell to 50.6 in December, the lowest reading seen in seven months, down from both 52.7 in November and expectations for a reading of 52.6.

New orders slowed sharply, down from 55.5 to 52.8, while both employment and inventories also contracted.

On the other hand, production growth accelerated to 56.6 from 55.1, and price pressures eased from 57.4 to 58.3.

Reporting by Iain Gilbert at Sharecast.com