Service sector growth slowed in December

The nation’s service sector growth slowed in December even amid a stronger economic expansion. 

The Institute for Supply Management’s services index on Tuesday showed a drop to 56.2 last month from 59.3 in November, after hitting a nearly eight-year high in August. 

{mosads}The index is a survey of a wide variety of businesses — the sector employs 90 percent of all workers, including those at restaurants, hotels and retailers.

Any reading above 50 reflects expansion.

Meanwhile, economic growth hit a 5 percent pace in the July-September quarter and hiring accelerated — 2.65 million jobs were created in the first 11 months of the year, the best streak since the late 1990s. 

A sharp drop in the price of oil has led to lower prices at the pump in the past six months, giving consumers more spending money. 

The December jobs report is due out on Friday. Expectations range from 220,000 to 240,000 jobs added, down from the 321,000 in November.