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Services businesses report growth

March 3, 2011 at 11:56 AM   |   Comments

TEMPE, Ariz., March 3 (UPI) -- Growth in U.S. service industries grew slightly faster in February than January, the Institute for Supply Management said Thursday.

With numbers above 50 indicating growth, the headline Purchasing Managers Index climbed from 59.4 to 59.7, indicating faster growth.

The new orders index for non-manufacturing businesses rose sharply for the second consecutive month, rising from 64.6 to 66.9 in February. The employment index rose from 54.5 to 55.6.

The prices index rose from 72.1 to 73.3, while the backlog of orders index rose from 50.5 to 52.

The new export orders index climbed from 53.5 to 56.5. Imports were unchanged at 53.5.

Similar to January, 13 of 18 service industries tracked in the report showed growth in the month, led by real estate, hotel and food service businesses and mining, the report said.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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