WASHINGTON—U.S. services industry activity raced to its highest level in nearly two years in January, with growth in new orders and employment accelerating, raising cautious optimism that the beleaguered sector was turning the corner.
The Institute for Supply Management (ISM) said on Feb. 3 its non-manufacturing activity index increased to a reading of 58.7 last month. That was the highest reading since February 2019 and followed 57.7 in December. The index is now above its pre-pandemic level.
