The have a claim to of growth in the economy’s service sector perked up in January after its reckon eroded in the prior two months.
The Institute of Supply Management said its pointer of non-manufacturing activity hit 59.9 in January, well above the 56.5 reckon oned by a survey of Reuters economists. Non-manufacturing economic activity had slipped to 55.9 in December.
While the directory of 17 non-manufacturing industries, such as real estate and food appointments, showed slowing growth in the past two months, the service sector has quiet seen continued expansion for eight consecutive years.
In October, the ISM non-manufacturing study recorded a 60.1 reading — the highest level since its debut in 2008.
A be familiar with above 50 for the index indicates expansion in the service sector, and a announcing below 50 signals contraction.