Investing.com – Service sector activity in the U.S. grew in line with expectations in February, expanding for the 15th consecutive month, industry data showed on Thursday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 59.7 in February, after rising to 59.4 in January, broadly in line with expectations.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The report said that the Employment Index increased by 1.1 points to 55.6, indicating growth in employment for the sixth consecutive month and at a faster rate.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.46% to hit a fourth-month high of 1.3930.
Meanwhile, U.S. equity markets were broadly higher. The Dow Jones Industrial Average jumped 1.22%, the S&P 500 index gained 1.15%, while the Nasdaq Composite index rallied 1.37%.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 59.7 in February, after rising to 59.4 in January, broadly in line with expectations.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The report said that the Employment Index increased by 1.1 points to 55.6, indicating growth in employment for the sixth consecutive month and at a faster rate.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.46% to hit a fourth-month high of 1.3930.
Meanwhile, U.S. equity markets were broadly higher. The Dow Jones Industrial Average jumped 1.22%, the S&P 500 index gained 1.15%, while the Nasdaq Composite index rallied 1.37%.