February 5, 2007 10:20 AM, EST

ISM Services Index Rises in January

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The economy’s service sector growth improved last month, the Institute for Supply Management said Monday. ISM’s services index for January rose to a reading of 59 from December’s 57.1 reading.The service index measures non-manufacturing components of the economy, and figures of more than 50 indicate expansion.The reading exceeded analysts’ forecasts of 57, Bloomberg reported.The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.