Activity in U.S. services industries increased steadily in February, another sign the economy is gathering steam.
Continue Reading Below
The Institute for Supply Management said Friday its index of nonmanufacturing activity rose to 57.6 in February from 56.5 a month earlier. A reading above 50 indicates rising activity, as measured by factors such as sales and hiring.
Economists surveyed by The Wall Street Journal had forecast a February reading of 56.5.
The report showed a measure of sales, or new orders, rose quickly last month, hitting a reading of 61.2 compared with 58.6 a month earlier. A measure of hiring of also climbed higher.
By Josh Mitchell