By Robert Hughes
The Institute for Supply Management's nonmanufacturing NMI composite index rose to a reading of 55.0 from 53.9 in November. For this index, 50 is neutral, with readings above 50 suggesting expansion and readings below 50 suggesting contraction. Historically, readings above 48.6 have suggested expansion of the overall economy. The December result is the 125th consecutive month above 48.6 and the 119th month above 50, suggesting expansion in nonmanufacturing industries.
The majority of the sub-indexes remained above 50 in December, with five showing increases, four declining, and one unchanged. Among the key components