Service sector operates at highest level in almost two years

WASHINGTON (AP) — The services sector, where most Americans work, operated in January at the highest level in almost two years. The Institute for Supply Management reported Wednesday that activity in the services sector climbed to a reading of 58.7% in January on a seasonally adjusted basis, up a full percentage point from the December reading of 57.7%. This was the highest reading since February 2019 when the index was at 58.8%. The January performance represented the eighth straight month of growth after sharp declines last spring when the economy was leveled by a global pandemic.