The nation’s service sector – a wide range of businesses such as banking, restaurants and insurance – expanded at a faster pace in February than Wall Street economists had expected, a private research group said Friday.

The Institute for Supply Management said its non-manufacturing index rose to 60.1 in February from 56.8 in January. Wall Street economists had forecast a reading of 59. The ISM index is based on a survey of business executives.

A reading above 50 indicates the sector is expanding; below 50 indicates activity is contracting.