Service Industries in U.S. Grow at Fa...

Service Industries in U.S. Grow at Fastest Pace in a Year

Posted in the Minneapolis Forum


Minneapolis, MN

#1 Mar 5, 2013
Service Industries in U.S. Grow at Fastest Pace in a Year

Source: Bloomberg

Service industries in the U.S. expanded in February at the fastest pace in a year, indicating executives of the biggest part of the economy were looking beyond the division in Washington over the nation’s budget.

The Institute for Supply Management’s non-manufacturing index increased to 56 last month from 55.2 in January, the Tempe, Arizona-based group said today. Economists projected the gauge would be little changed at 55, according to the Bloomberg survey median. Readings above 50 signal expansion.

A pickup in the housing market that’s driving sales at companies such as Hovnanian Enterprises (HOV) Inc., along with sustained consumer purchases, is supporting the service industries that make up almost 90 percent of the economy. The figures follow a report last week that showed the fastest pace of manufacturing since June 2011, indicating the expansion may be broadening.

“Business spending and investment continues to trend fairly strong despite some apparent consumer income pullbacks,” Guy Lebas, the chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, said before the report.“It’s a much more stable outlook.”

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