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Economic activity in the U.S. non-manufacturing sector grew in January at a faster rate than December, according to the Institute for Supply Management’s non-manufacturing report on business, released today. And the employment portion of the index rose to its highest level since November 2010.
“Some of the respondents indicate that weather conditions have impacted their business,” said Anthony Nieves, chair of the Institute for Supply Management’s non-manufacturing business survey committee. “There remains a bit of uncertainty about the overall economy for some of the survey respondents; however, the majority feel positive about continued economic growth.”
The ISM’s non-manufacturing business activity index edged up a reading of 54.0 in January from a reading of 53.0 in December. Readings above 50 indicate growth.
The employment portion of the index rose to a reading of 56.4 in January — the highest reading since November 2010. December’s reading was 55.6.