February ISM service-sector index rises to 57.3%

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February ISM service-sector index rises to 57.3% (by Jeffry Bartash)

WASHINGTON (MarketWatch) - Companies in the U.S. service sector, which employs most of the nation's workforce, expanded at a faster pace in February, a private research firm said. The Institute for Supply Management on Monday said its nonmanufacturing index rose to 57.3% from 56.8% in January. Economists surveyed by MarketWatch expected the index to decline to 55.5%. New orders climbed to 61.2% from 59.4%. Yet the employment index slipped to 55.7% from 57.4% and the price index, which measures inflation, jumped to 68.4% from 63.5% in the prior month. Any reading over 50% indicates expansion instead of contraction.

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