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Economic activity in the non-manufacturing sector grew at its fastest pace in 12 months in February, according to the Institute for Supply Management’s non-manufacturing report on business released today. The institute’s non-manufacturing business activity index rose in February to a reading of 56.0 — the highest reading in the last 12 months.
The employment portion of the index also posted growth with a reading of 57.2 in February, slower than January’s reading of 57.5. However, it’s up from December’s reading of 55.3 and November’s reading of 51.4.
Readings above 50 indicate growth.