06-Mar-2025 08:51

The Institute for Supply Management released a report on Wednesday showing an unexpected uptick by its reading on U.S. service sector activity in the month of February.

The ISM said its services PMI inched up to 53.5 in February from 52.8 in January, with a reading above 50 indicating growth.

The modest increase by the headline partly reflected faster growth by new orders, as the new orders index rose to 52.2 in February from 51.3 in January.

The employment index also climbed to 53.9 in February from 52.3 in January, indicating modestly faster job growth in the service sector. The supplier deliveries index also crept up to 53.4 in February from 53.0 in January.

Meanwhile, the business activity index edged down to 54.4 in February from 54.5 in January but still indicate growth.

The report also said the prices index increased to 62.6 in February from 60.4 in January, registering a third consecutive reading above 60 for the first time since March 2023.

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