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US service sector sees 'big expansion' | US service sector sees 'big expansion' |
(40 minutes later) | |
The US service sector expanded at its fastest rate in a year in February, as a rise in new orders helped push up prices, a survey has indicated. | The US service sector expanded at its fastest rate in a year in February, as a rise in new orders helped push up prices, a survey has indicated. |
The Institute for Supply Management's index of non-manufacturing activity rose to 57.3 points, up from January's reading of 56.8. | The Institute for Supply Management's index of non-manufacturing activity rose to 57.3 points, up from January's reading of 56.8. |
With any figure above 50 indicating expansion, it was the biggest rate of growth since February 2011. | With any figure above 50 indicating expansion, it was the biggest rate of growth since February 2011. |
The services sector includes everything from shops to hotels and banks. | The services sector includes everything from shops to hotels and banks. |
Tom Porcelli, chief US economist at RBC Capital Markets, said the latest ISM data was "overall a solid report". | |
It comes a week after official US economic growth data was revised up to an annualised rate of 3% for the last quarter of 2011. | |
Separate figures on Monday from the Commerce Department showed that US factory orders fell by 1% in January. | |
Although this was the biggest decline for 15 months, it was caused mainly by the end of a one-year investment tax break. | |
This had the result of cutting orders classified as investment by 3.9%. | |
Analysts had expected US factory orders to have fallen by 1.5% on average. |
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