Service sector operates at highest level in almost two years

The services sector, where most Americans work, operated in January at the highest level in almost two years

Via AP news wire
Wednesday 03 February 2021 15:17

The services sector, where most Americans work, operated in January at the highest level in almost two years.

Activity climbed to a reading of 58.7% in January on a seasonally adjusted basis, according to a report Wednesday from the Institute for Supply Management, up a full percentage point from 57.7% the previous month.

This was the highest reading since February 2019 when the index hit 58.8%. The January performance represented the eighth straight month of growth after sharp declines last spring when the economy was leveled by a global pandemic