NEW YORK (AP) -- The U.S. service sector expanded at a faster rate in January than in the previous month, a trade group said Monday, signaling a strong start to economic growth this year.
The Institute for Supply Management, which is based in Tempe, Ariz., said its index of business activity in the service sector advanced to 59.0 in January from 56.7 in December. Wall Street analysts had expected a reading of 57 for the latest month.
A reading above 50 indicates expansion, while one below that indicates contraction.
January marked the 46th consecutive month of business activity increase, the trade group said.
The service industries covered by the ISM report represent about 80 percent of the nation's economic activity, and economists are looking for the sector to be a driver of growth in 2007 as the manufacturing sector struggles with weakness in the automotive and housing industries.
http://biz.yahoo.com/ap/070205/economy.html?.v=5
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