U.S. service industries expanded in February near the fastest pace in at least a decade, signaling the economy is on track for steady growth this quarter, according to a survey from the Institute for Supply Management on Monday.
Highlights of ISM Non-Manufacturing (February)
Non-manufacturing index eased to 59.5 (est. 59) from 59.9; readings above 50 indicate growth.
Measure of business activity rose to almost one-year high of 62.8; gauge of new orders jumped to 64.8, highest since 2005, from 62.7.
Employment index fell to 55 from December’s 61.6 reading that was the highest in data back to 1997.