ISM services index unexpectedly drops as new orders fall

ISM services index unexpectedly drops as new orders fall » 

The Institute for Supply Management said Monday its services index for December decelerated to 53% from 53.9% in November. Economists polled by MarketWatch expected a 55.0% reading. The new-orders index fell 7 points to a reading of 49.4%, the first contraction since July 2009. Any reading above 50% indicates expansion.