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Trade group says US service industry grew in January at fastest pace since February 2011

By Daniel Wagner, The Associated Press  | February 03, 2012
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In this Jan. 18, 2012 photo, boxes are stacked for shipping at a FedEx Office service center in New York. U.S. service companies grew at the fastest pace in 11 months in January as companies started hiring to keep up with rising demand. (AP Photo/Mark Lennihan)
In this Jan. 18, 2012 photo, boxes are stacked for shipping at a FedEx Office service center in New York. U.S. service companies grew at the fastest pace in 11 months in January as companies started hiring to keep up with rising demand. (AP Photo/Mark Lennihan)

WASHINGTON - U.S. service companies grew at the fastest pace in 11 months in January as companies hired more workers to keep up with rising demand.

The Institute for Supply Management says its index of non-manufacturing activity jumped to 56.8 per cent in January from 53 per cent in December. Any reading above 50 indicates expansion.

The trade group of purchasing managers surveys businesses including restaurants, hotels, retailers, financial services firms and construction companies.

The service sector has been growing for two straight years. But hiring had stagnated, with the employment index falling below 50 in two of the past four months. That number soared last month to 57.4 per cent, the highest reading since February 2006.

Service-sector growth edged up in December after staying flat for three straight months.

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