Wednesday, February 5, 2014

ISM Nonmanufacturing Grew in January

The service sector growth accelerated slightly in January, according to the ISM non-manufacturing index. The index grew 1.0 index points to 54.0 in January. The services sector continues to outperform the manufacturing sector, which declined to 51.3 in January. Any reading above 50 indicates industry expansion.

The details of the report were mainly strong. While exports declined to 49.0, the rest of the report was positive. Business activity picked up by 1.1 points to 56.3. New orders moved back into expansionary territory after declining for a month. The employment index grew 1.4 points to 56.4, its highest level since August.

Read the ISM release.

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