US ISM non-manufacturing misses expectations

The Institute for Supply Management’s index of non-manufacturing activity slipped to 53.5 in January from 55.8 the previous month, missing economists’ expectations for a reading of 55.1.

Still, the figure remained above the 50 threshold that separates contraction from expansion.

The business activity index dropped to 53.9 from 59.5 in December, falling short of expectations for 58.5.

Meanwhile, the new orders index came in at 56.5, 2.4 percentage points lower than the seasonally-adjusted reading of 58.9 in December, while the employment index slid to 52.1 from 56.3.