Service, Manufacturing Sectors Show Spring Growth
The Institute for Supply Management said the United States' service sector showed continued growth in March.
ISM's non-manufacturing index rose to 55.4 percent last month from 53.0 percent in February. The index had been below 50 percent since fall. March was its second consecutive month of gains.
ISM's employment index rose to 49.8 percent in March. It has been below 50 percent since December 2007 and reached an all-time low of 31.1 in November 2008.
Last week, ISM reported that the manufacturing sector grew in March, as well. The firm's Purchasing Managers' Index rose by 3.1 percent from 56.5 percent to 59.6 percent.
March was the manufacturing sector's eighth consecutive month of growth. Its rate of growth reached a pace in March not seen since 2004.
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