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The index ISM uses to measure non-manufacturing growth—known as the PMI––dropped 1.5% to 55.9 (a reading above 50 indicates growth) in December. Both November and December were down compared to October’s 60.1, which is the highest reading since the report’s inception in 2008, as well as the highest reading compared to pre-2008 composite index calculations, with an August 2005 high of 61.3.

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