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U.S. ISM Services Index Continues To Rise

The U.S. ISM services index hit its highest level since mid-2005, a sign of further strength in the nation's economy.

Economic activity in the non-manufacturing sector grew in January for the 96th consecutive month, according to a survey of purchasing managers.

The ISM's NMI index registered 59.9 percent, which is 3.9 percentage points higher than the seasonally adjusted December reading of 56 percent. This represents continued growth in the non-manufacturing sector at a faster rate.

The New Orders Index registered 62.7 percent, 8.2 percentage points higher than the seasonally adjusted reading of 54.5 percent in December.

"Overall, the majority of respondents' comments are positive about business conditions and the economy," ISM said. "They also indicated that recent tax changes have had a positive impact on their respective businesses."

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