ISM Non-Manufacturing Index Rises Sharply in February

A measure of the U.S. services sector jumped sharply in February, recovering from a slight dip in the previous month, a leading economic research group said Tuesday.

The Institute for Supply Management released its monthly non-manufacturing index, showing a rise to 58.7 in February from 49.6.

Trucking is a part of the service economy.

ISM, formerly known as National Association of Purchasing Management, bases its indices on a baseline of 50 – figures over that number indicate growth.

The non-manufacturing index is now at its highest point since November 2000, the report said.

Also in its Tuesday report, the ISM said that its new orders index, which measures future activity in the service economy, was also significantly higher in February. For the month, the index rose to 57.3 from 49.4.

Analysts from Reuters had anticipated a rise in the non-manufacturing index to 51.4.

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