The U.S. economy’s service sector grew in March at the fastest pace since May 2006, the Institute for Supply Management said Monday.
ISM’s monthly services index rose to a 55.4 reading, from 53 in February, ISM said in its monthly report.
Figures of more than 50 indicate expansion, while below that shows contraction. Economists had forecast an increase to a 54 reading, Bloomberg reported.
ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.
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