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The economic activity of the United States services sector expanded during January for the eighth consecutive month, according to the latest Services ISM Report on Business, which was released on Wednesday.
The report of the Institute for Supply Management (ISM) Services Business Survey showed that the Services purchasing managers’ index (PMI) registered 58.7% last month, rising by 1% compared to the seasonally adjusted December reading of 57.7%.
This is the highest reading for the index since February 2019.
The Supplier Deliveries Index registered 57.8%, decreasing by 5% from December’s reading of 62.8%.
The Prices Index decreased by 0.2% to 64.2%, indicating that prices increased in January at a slower rate.
It is worth noting that the services sector has expanded for all but two of the last 132 months, namely April and May of 2020, according to the data.
