The pace of growth in the US service sector improved in January, prompted by steady new orders and a decline in prices paid by service companies, according to a report released today.
The Institute for Supply Management's services index rose to 59.0 in January from 56.7 in December. A number above 50 indicates growth in the sector.
The services sector represents about 80% of US economic activity, including businesses such as restaurants, hotels, hair salons, banks and airlines.
