2/3, 4:00 PM (Source: TeleTrader)
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ISM: US services sector activity grows in January

Growth in activity in the United States services industry accelerated in January, the Institute for Supply Management (ISM) reported on Friday. ISM Services Purchasing Managers Index (PMI) stood at 55.2% in January, going up by 6 percentage points in comparison to the month before.

The Business Activity Index rose by 6.9 percentage points to land at 60.4%, while the reading for New Orders Index recovered from December's figure, which contracted for the first time since May 2020. The figure surged by 15.2 percentage points to 60.4% in comparison to December's reading.

"Ten industries reported growth in January, according to the Services PMI," Chair of the ISM Services Business Survey Committee Anthony Nieves explained, adding that "business is trending in a positive direction." "Employment was unchanged for the month," he noted.

Baha Breaking News (BBN) / AB