America’s Service Industries Are on a Tear

The biggest part of the U.S. economy grew in January at pace exceeding estimates

America’s service industries, which make up almost 90 percent of the economy, grew in January at the fastest pace in at least a decade, figures from the Institute for Supply Management showed Monday. The group’s non-factory index beat all forecasts in a Bloomberg survey, at 59.9 (readings above 50 indicate expansion), while its employment gauge rose to 61.6 – the strongest in records to July 1997 – and measure of new orders surged to a seven-year high of 62.7.

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