U.S. Service Industries Grow at Fastest Pace Since October 2015
- Measures of business activity, orders show increases
- Report follows two-year high for ISM’s manufacturing index
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American service companies expanded in February at the fastest rate since October 2015 amid stronger orders, signaling momentum in the economy’s biggest sector.
The Institute for Supply Management’s non-manufacturing index, which covers almost 90 percent of the economy, increased to 57.6 from 56.5 in January, the Tempe, Arizona-based group’s data showed Friday. Readings above 50 signal growth. The median forecast in a Bloomberg survey called for the gauge to hold at the previous month’s level.