April 5 (Bloomberg) — Service industries expanded in March at the fastest pace since in more than three years, a sign the U.S. recovery is extending beyond manufacturing and starting to create jobs.
The Institute for Supply Management’s index of non- manufacturing businesses, which make up almost 90 percent of the economy, rose to 55.4, the highest level since May 2006, from 53 in the prior month. Today’s figure exceeded all forecasts in a Bloomberg News survey. Readings above 50 signal expansion. This is good news. Read the whole article here.