US service sector grows more quickly in March on rising new orders, more hiring
{{#rendered}} {{/rendered}}
U.S. service firms expanded more quickly last month as new orders rose and hiring increased, a positive sign that the economy is rebounding after an unusually cold winter.
The Institute for Supply Management says its service-sector index rose to 53.1 in March from 51.6 in February. Any reading above 50 indicates expansion.
A measure of hiring jumped 6.1 points to 53.4, reversing most of a nine-point plunge that occurred in February that was mostly blamed on the weather. The increase is a hopeful sign just before the government's employment report for March, to be released Friday.
{{#rendered}} {{/rendered}}
The survey covers businesses that employ 90 percent of the workforce, including retail, construction, health care and financial services firms.