The Institute of Supply Management said its index of national non-manufacturing activity climbed to 59.4 in January; in December, the index was lower at 57.1. January's reading topped the 57.0 average that economists had projected by a solid margin, indicating that more hiring could be coming to the U.S.
In the index, a reading below 50 indicates a contraction in the sector, while a number greater than 50 shows an expansion. January served as the 14th consecutive month that the non-manufacturing sector grew in the U.S. This most recent report from the ISM joins its report on manufacturing growth in the U.S. that it released Tuesday - which also showed positive growth among domestic manufacturers.
Moreover, the service report's price paid component mounted a climb to 72.1 from 69.5, while new orders reached 64.9 from 61.4; The employment component hit its highest level since May 2006, increasing to 54.5 from 52.6. The service sector accounts for 90 percent of jobs domestically.
Post A Comment:
0 comments so far,add yours