Indicators
US Services Gauge Rises to Four-Month High While Prices Pick Up
- ISM services PMI increased 2.9 points in January to 53.4
- Gauge of prices paid surged to an almost one-year high
Ten service industries reported growth in January, led by health care, agriculture and professional, scientific and technical services, while seven contracted.
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The US service sector expanded in January at the fastest pace in four months after coming close to stagnating at the end of 2023, helped by a pickup in orders and employment.
The Institute for Supply Management’s overall gauge of services increased 2.9 points, the biggest gain in a year, to 53.4 last month. The index has remained above the 50 level that indicates expansion for a year. The latest reading exceeded all estimates in a Bloomberg survey of economists.