The Institute for Supply Management’s service index rose to 56.8% in January, ahead of the consensus around 53%, and up from 53% last month.
Readings above 50 signal expansion. This marked the 25th consecutive month of expansion and was the highest reading in almost a year.
What’s also encouraging about this report is the New Orders Index, which rose to 59.4%, up from 54.6% in December. And the Employment Index registered 57.4%, up significantly from 49.8% in December.
Although it might get somewhat overshadowed by today’s strong Jobs Report, this was also a very good report.
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