The "highlight" of U.S. economic data - the service industry recorded the fastest growth rate in the past two years

The "highlight" of U.S. economic data - the service industry recorded the fastest growth rate in the past two years Driven by strong order demand, U.S. service-oriented companies achieved 2015...

The "highlight" of U.S. economic data - the service industry recorded the fastest growth rate in the past two years Driven by strong order demand, U.S. service companies achieved the fastest growth since October 2015 in February, indicating that the largest part of the U.S. economy is gaining momentum. Data released on Friday by the Tempe, Arizona-based Institute for Supply Management (ISM) showed that its non-manufacturing index rose to 57.6 in February from 56.5 in January. The index covers nearly 90% of the U.S. economy; a number above 50 indicates growth. The median forecast among economists surveyed by Bloomberg was for the economy to remain at January levels. The report shows that business activity indicators hit the second highest level since 2005; order growth accelerated. Coupled with the previously released ISM manufacturing index hitting the fastest growth rate since August 2014, ISM's indicators show that all walks of life in the U.S. economy are generally optimistic. At the same time, Federal Reserve officials have repeatedly stated recently that economic performance supports the tightening of monetary policy. The Federal Reserve's next policy meeting will be held on March 14-15 and may decide to raise interest rates. Economists surveyed by Bloomberg had expected the ISM non-manufacturing index to range from 54.5 to 59. The business activity indicator rose to 63.6 from 60.3, the second highest level since August 2005. The new orders indicator rose to 61.2 from 58.6, the highest level since August 2015.