The pace of growth in the US services sector unexpectedly accelerated in January to its highest level in nearly a year, according to an industry report released today.
The Institute for Supply Management said its services index rose to 56.8 last month from a revised 53.0 in December. It was the highest level since February 2011.
Economists had expected the index to hold steady at 53.0, according to a Reuters survey. A reading above 50 indicates expansion in the sector.
Reuters
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