Economics
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.
Photographer: Nina Westervelt/BloombergThis article is for subscribers only.
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.