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ISM Services Index Rose in February

ISM Services Index Rose in February

The Institute for Supply Management's services index increased to 57.3 last month from 56.8 in January, a rise that beat the expectations of most analysts thanks to more new orders and an improving housing market.

Reuters reports the 57.3 mark was the index's highest level since

The Institute for Supply Management's services index increased to 57.3 last month from 56.8 in January, a rise that beat the expectations of most analysts thanks to more new orders and an improving housing market.

Reuters reports the 57.3 mark was the index's highest level since last February, with a reading above 50 indicating expansion in the services sector, which accounts for approximately two-thirds of U.S. economic activity.

"At this level of ISM, this is not really changing our view that you're still looking at around a 2.0 percent year in terms of GDP (growth), but it is holding up, and this is certainly what you want to see," Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York, told the news provider.

The Associated Press reports the data was released ahead of the Department of Labor's jobs report, which is set to be unveiled on Friday, March 9. Economists are reportedly predicting another month of gains, with the latest forecasts calling for the addition of more than 200,000 new positions, according to the news source. 

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