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Service Industries in U.S. Expand by Most in Nearly Two Years

  • ISM measure unexpectedly advanced in January to 58.7
  • Gauge of services employment improves to 11-month high
Customers dine outside at a restaurant in New York.

Customers dine outside at a restaurant in New York.

Photographer: Nina Westervelt/Bloomberg
Updated on

Growth at U.S. service providers unexpectedly accelerated in January to an almost two-year high as a pickup in orders encouraged a rebound in hiring.

The Institute for Supply Management’s services index rose to 58.7 during the month from 57.7 in December, according to data released Wednesday. The median estimate in a Bloomberg survey of economists called for a decline to 56.7.