Services sector output rises for seventh straight month in February, reports ISM

Services sector growth remained intact in January for the seventh straight month, according to the latest edition of the Services ISM Report on Business, released this week by the Institute for Supply Management (ISM).

The January Services PMI, at 52.3 (a reading of 50 or higher signals growth) was down 1.2% compared to December, growing, at a slower rate, for the seventh consecutive month, and for the 53rd time in the last 56 months, going back to the initial recovery from the pandemic in June 2020.  

And the December Services PMI was 0.4% above the 12-month average of 52.4, with October’s 55.8 and June’s 49.2 marking the respective high and low readings over that period.

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