Service sector hits fresh 5-year high in February: ISM

IndustrialsReuters

NEW YORK (Reuters) - The services sector grew at a slightly faster pace in February, notching up another more than five-year high, according to an industry report released on Thursday.

The Institute for Supply Management said its index of national non-manufacturing activity rose to 59.7 from 59.4 in January. The reading came in just above forecasts for 59.5.

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A reading below 50 indicates contraction in the sector, while a number above that level means expansion.

It was the highest level since August 2005.

(Reporting by Leah Schnurr; Editing by James Dalgleish)

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