The latest report by IHS Markit revealed on Wednesday the seasonally adjusted final IHS Markit U.S. Services Business Activity Index (PMI) stood at 54.8 in December, down from 58.4 in November and lower than the earlier released “flash” estimate of 55.3. The latest reading pointed to the slowest expansion in business activity across the U.S. service sector since September.

Economists had forecast the index to stay unrevised at 55.3.

According to the report, new business saw the slowest growth for four months amid increased coronavirus cases, while job creation expanded at a more modest pace than in November and the level of optimism was down notably from that seen in November and the lowest for three months.