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U.S. service sector keeps steady expansion in January

Xinhua, February 4, 2017 Adjust font size:

U.S. service sector continues steady expansion in January, pointing to a good start for this year's economy, an industry survey showed on Friday.

The Non-Manufacturing Index (NMI), which measures activity in the U.S. service sector, registered 56.5 in January, slightly down 0.1 point from the previous month, the Institute for Supply Management (ISM) said in its monthly survey.

The NMI survey covers all sectors outside of manufacturing. A reading above 50 percent indicates expansion of the service sector.

The business activity index decreased 0.6 point to 60.3; the new orders component of the index, a signal of future business, went down 2.1 points to 58.6; while the employment index rose 2 points to 54.7.

Businesses surveyed held mixed views for their outlook, indicating both optimism and a degree of uncertainty as a result of the change in government administration, said the ISM.

A recent survey released by the ISM showed that U.S. manufacturing activity accelerated to the fastest pace in more than two years in January, a sign of growing momentum for the economy. Endit