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Archive for Saturday, March 4, 2006

Service-sector rise tops expectations

March 4, 2006

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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.

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