Higher sales and more new orders boost US services

AMERICAN service companies grew in February at the fastest pace in a year, buoyed by higher sales and more new orders.

The Institute for Supply Management yesterday said its index of non-manufacturing activity rose to 56 in February from 55.2 in January. Any reading above 50 indicates expansion.

The report measures growth in industries that cover 90 percent of the work force, including retail, construction, health care and financial services.

Companies kept adding jobs last month, although at a slightly slower pace. A gauge of hiring dipped from a nearly seven-year high in January.

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