After reporting a contraction in U.S. service sector activity in the previous month, the Institute for Supply Management released a report on Friday showing activity rebounded by much more than expected in the month of January.
The ISM said its services PMI jumped to 55.2 in January from a revised 49.2 in December, with a reading above 50 indicating growth. Economists had expected the index to inch up to 50.4 from the 49.6 originally reported for the previous month.
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