Economic activity in the U.S. nonmanufacturing sector expanded at a faster pace in February, according to the Institute for Supply Management's nonmanufacturing index released today.

The index rose to a reading of 59.7 in February from 59.4 in January. February marks the 15th straight month of growth.

The employment portion of the nonmanufacturing index also grew at a faster pace in February. It rose to a reading of 55.6 from 54.5 in January.

Index readings of more than 50 generally indicate expansion.