Service Industries in U.S. Grow at Fastest Pace in a Year

Service industries in the U.S. expanded in February at the fastest pace in a year as a recovery in housing rippled through the economy.

The Institute for Supply Management’s non-manufacturing index unexpectedly increased to 56 last month from 55.2 in January, the Tempe, Arizona-based group said today. Readings above 50 signal expansion in the industries comprising 90 percent of the economy. The median Bloomberg forecast called for the measure to ease to 55.