US service sector sees faster rise in March
By Tali Arbel |
April 6, 2010, Tuesday
|
Print Edition
Print Edition
THE service sector in the United States grew faster than expected in March as the economy adds jobs and consumer spending rises.
The Institute for Supply Management said yesterday its service index rose to 55.4 in March from 53 in February.
Economists surveyed by Thomson Reuters had expected a reading of 54. Any reading above 50 signals expansion.
It is the strongest pace of growth since ISM revised how it measured the service sector in January 2008.
Meanwhile, the trade group said growth in business activity soared to its strongest level since April 2006 and new orders surged at their fastest pace since August 2005.
The service sector's recovery has been bumpy, lagging a resurgence in manufacturing amid high unemployment, slow wage growth and a rocky real estate market.
ISM said jobs shrank for the 27th straight month last month, but the 49.8 reading was the closest to expansion in jobs growth since the recession began.
The Institute for Supply Management said yesterday its service index rose to 55.4 in March from 53 in February.
Economists surveyed by Thomson Reuters had expected a reading of 54. Any reading above 50 signals expansion.
It is the strongest pace of growth since ISM revised how it measured the service sector in January 2008.
Meanwhile, the trade group said growth in business activity soared to its strongest level since April 2006 and new orders surged at their fastest pace since August 2005.
The service sector's recovery has been bumpy, lagging a resurgence in manufacturing amid high unemployment, slow wage growth and a rocky real estate market.
ISM said jobs shrank for the 27th straight month last month, but the 49.8 reading was the closest to expansion in jobs growth since the recession began.
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