Figures released Friday showed economic activity in America's non-manufacturing sector grew in February for the 86th consecutive month
The Institute for Supply Management’s non-manufacturing index hit 57.6 in February, up from 56.5 in the previous month.
Economists were calling for the index to hit 56.5 in February. A reading above 50 on this index indicates expansion in the service sector: below 50, contraction.
The non-manufacturing business activity index increased to 63.6% for the month, 3.3 percentage points higher than a January reading of 60.3%, and the highest reading since February 2011.
The new orders index registered 61.2%, 2.6 percentage points higher than the reading of 58.6 percent in January. This is the highest reading since August 2015.
The ISM's report said 16 of the non-manufacturing industries surveyed reported growth in February, while two industries — real estate, rental and leasing, and information — reported contraction.