The index fell to 56.7 in December, from 59.2 in November. An index reading above 50 indicates increased activity in the sector.
"Despite a weaker finish, the service sector gained momentum in the fourth quarter. Lower interest rates and increased consumption and investment needs have begun to impact service companies and their business plans to an extent we have not seen since the first half of 2022," says Jörgen Kennemar, who is responsible for the analysis of the Purchasing Managers' Index, in a press release.
The combined Purchasing Managers' Index, which also includes the manufacturing industry, landed at 56.3 in December.
