Services Sector Expands in January

Tempe, AZ, Feb. 4, 2015 -- Service sector activity picked up some in January, according to the Institute for Supply Management.

ISM's non-manufacturing report on business reading rose to 56.7 in January, up from 56.5 in December and beating expectations for a 56.4.

Any reading above 50 indicates expansion in the sector, while readings below 50 indicate contraction.

The Non-Manufacturing Business Activity Index increased to 61.5, which is 2.9  points higher than the December reading of 58.6, reflecting growth for the 66th consecutive month at a faster rate.

The New Orders Index registered 59.5, 0.3 percentage point higher than the reading of 59.2 percent registered in December.

While eight industries reported growth, construction and real estate reported contraction last month.