WASHINGTON (AP) — U.S. service companies grew in February at the fastest pace in three months, rebounding after a decline in January.
The Institute for Supply Management, an association of purchasing managers, reports that its service index rose to 59.7 percent last month, up from 56.7 percent in January. The January reading was the lowest since July 2018, depressed by concern over the impact of the partial government shutdown on the economy, which ended Jan. 25 after 35 days.
The February gauge was the highest since November.
Any reading above 50 signals growth. The index shows that service industries, where most Americans work, have been expanding for 109 consecutive months. ISM says that executives of service companies are concerned about U.S. trade disputes, but they remain optimistic about overall business conditions.