Service Sector Experiences Highest January Growth in US
February 7, 2012 at 6:00 am Leave a comment
In January, the US service sector experienced its highest level of growth in almost a year. The Institute for Supply Management reported last Friday that the growth in the services sector was due to the increase in new orders as well as in employment.
According to ISM, the services index in December was 53.0 and it rose to 56.8 in January. Economists had anticipated a constant rate of 53.0, but the growth of 3.8 percent exceeded those expectations. New orders alone increased from 54.6 to 59.4.
ISM also indicated that employment in the service sector had experienced a significant increase as well. Data showed that employment in the service sector for the month of January was at its highest level in six years, increasing from 49.8 to 57.4. Because employment in the service sector makes up about two-thirds of all jobs in the country, this suggests that improvements are occurring in the labor force.
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