US services sector expands in February for 2nd month

ISTANBUL

Economic activity in the US services sector expanded in February for the second consecutive month, according to data released by the Institute for Supply Management (ISM) on Friday.

The ISM’s non-manufacturing purchasing managers’ index (PMI), also known as the ISM Services PMI, came in at 55.1% — 0.1 percentage point lower than January’s reading of 55.2%.

While a reading above 50 indicates growth, below that shows contraction.

Analysts expected the index, which indicates the overall economic condition of the services sector, to post a reading of 54.5.

“The sector has grown in 32 of the last 33 months, with the lone contraction in December,” ISM said in its report.

The index had hit an all-time high of 69.1 in November 2021.