Activity in the U.S. service sector expanded at a faster than expected rate in the month of January, according to a report released by the Institute for Supply Management on Friday, with the index of activity in the sector rising to an eleven-month high.
The ISM said its non-manufacturing index rose to 56.8 in January from a revised 53.0 in December, with a reading above 50 indicating growth in the service sector. Economists had expected the index to edge up to 53.3 from the 52.6 originally reported for the previous month.
With the bigger than expected increase, the index rose to its highest level since coming in at a reading of 59.0 in February of 2011.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.