Mumbai, March 5 -- Service sector activity in the U.S. unexpectedly grew at a faster pace in the month of February, according to a report released by the Institute for Supply Management on Wednesday.
The ISM said its services PMI climbed to 56.1 in February from 53.8 in January, with a reading above 50 indicating growth.
With the unexpected increase, the services PMI reached its highest level since hitting 56.5 in July of 2022.
An accelerated pace of growth in new orders contributed to the advance by the headline index, as the new orders index jumped to 58.6 in February from 53.1 in January.
The business activity index also climbed to 59.9 in February from 57.4 in January, while the employment index rose to 51.8 in February from 50.3 in...