New figures show that growth in the crucial US services sector strengthened last month, helped by a pick-up in orders that helped service providers raise prices.
The Institute for Supply Management's services index rose to 57.3 from 56.8 in January, with the index of business activity jumping to 62.6 from 59.5. Any figure above 50 means growth.
Measures of new orders and backlogged orders also grew, supporting a big jump in the prices index to 68.4 from 63.5 in January, the ISM said.
Out of 17 distinct services sectors, the three reporting business declines were significant: retail sales, health care, and company management and support services.
The overall index was well above the 12-month low of 52.6 hit in September.
