A report has shown that the US services sector grew at its fastest pace since August 2005 last month.
The Institute for Supply Management said its index of national non-manufacturing activity rose to 59.4 in January from 57.1 in December. Economists had expected a figure of 57. Any figure above 50 means the sector grew.
The report marked the services sector's 14th straight month of growth. The better than expected figure chimes with the ISM's twin report on Tuesday, which showed that the manufacturing sector grew at its fasted pace in nearly seven years.
The services report's prices paid component rose to 72.1 from 69.5, while new orders rose to 64.9 from 61.4, mirroring strength in the manufacturing sector. The employment component rose to 54.5 from 52.6 and was at its highest level since May 2006.
