Service sector continues to grow
According to the Institute for Supply Management, the U.S. service sector is expanding, which could help fuel economic growth this year, the Associated Press reported.
In January, the index of business activity in the service sector rose to 59 from 56.7 in December; it is the 46th consecutive month with an increase in business activity and is higher than analysts’ prediction of 57. A reading above 50 indicates expansion, and one below indicates contraction.
Growth in the service sector may help offset a contraction in the manufacturing sector caused by struggles in the automotive and housing industries.