ISM Services Index Improves in February

The U.S. economy’s service sector improved in February, the Institute for Supply Management said Monday.

ISM’s monthly services index rose to a reading of 57.3, from 56.8 in January. Figures greater than 50 indicate expansion.

Economists had forecast the index would fall to 56, Bloomberg reported.

The index has averaged 53.2 since the recession ended in June 2009. 

ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.