Service Sector Expands at Faster Pace in February

Tempe, AZ, March 5, 2012 -- Service businesses in the U.S. expanded in February at the fastest pace in a year, according to the Institute for Supply Management.

The ISM non-manufacturing index climbed to 57.3 from 56.8 in January. Readings above 50 signal expansion and economists projected a reading of 56.

The ISM non-manufacturing survey’s employment gauge fell to 55.7 from 57.4 in the prior month. The measure of new orders increased to 61.2, also a one-year high, from 59.4. A gauge of business activity rose to a 12-month high of 62.6 from 59.5. The index of prices paid climbed to 68.4 from 63.5.