US Services Expand at Faster Pace on Robust Employment Growth
A spike in imports accounts for a large share of the setback, reflecting a scramble by companies to secure goods from overseas ahead of tariffs.
Photographer: David Peinado/BloombergThis article is for subscribers only.
US service providers expanded in February at a faster pace as resilient demand helped drive a measure of employment to a more than three-year high.
The Institute for Supply Management’s gauge of services advanced to 53.5 from 52.8 a month earlier, according to data released Wednesday. Readings above 50 signal growth, and the latest figure exceeded economists’ expectations.