(MENAFN- Saudi Press Agency) A gauge of growth in the U.S. services sector was modestly stronger than expected in February, the Institute for Supply Management (ISM) said Wednesday, as it was helped by an index on employment rebounding from recent weakness.
The ISM reported that its services index was 56.9 in February, up slightly from 56.7 in January. Analysts expected a reading of 56.5, according to Reuters.
The survey€„¢s unemployment index jumped to 56.4 from 51.6, rising from its lowest level since February 2014 to its highest level since October. Prices climbed but stayed under the 50 level that separates expansion from contraction, while order backlogs and imports returned to expansionary territory after a recent contraction.
The increase in the overall index came despite a deceleration in business activity. That subindex fell to 59.4 from 61.5.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.