U.S. Service Industries Grow at Fastest Pace in Five Years

Service industries expanded more than forecast in February, showing the U.S. expansion has broadened beyond manufacturing.

The Institute for Supply Management’s index of non-manufacturing businesses increased to 59.7, the highest level since August 2005, from 59.4 in January. Economists forecast the gauge would fall to 59.3, according to the median estimate in a Bloomberg News survey. A reading above 50 signals growth.