NEW YORK (Reuters) - The pace of growth in the U.S. services sector unexpectedly picked up in February to its highest level in a year, according to an industry report released on Monday.
The Institute for Supply Management said its services index rose to 57.3 last month from 56.8 in January. The reading topped economists’ forecasts for 56.1, according to a Reuters survey.
It was the highest level since February of last year. A reading above 50 indicates expansion in the sector.
Graphic on U.S. and world services PMI: link.reuters.com/tev86s
Reporting By Leah Schnurr; Editing by Chizu Nomiyama