WASHINGTON, March 5 (Xinhua) -- The U.S. non-manufacturing sector continued to expand in February at a slightly faster pace compared to the previous month, the Institute for Supply Management(ISM) said Tuesday.
The non-manufacturing index (NMI), which gauges the performance of the services sector, was 59.7 percent in February, up 3 percentage points from the January reading, according to the latest Non-Manufacturing ISM Report on Business.
The non-manufacturing sector's growth rate "rebounded" in February after cooling off in January, the report said. The December reading was 58.0 percent.
The February index indicated continued growth in the non-manufacturing sector for the 109th consecutive month. A reading above 50 percent indicates that the non-manufacturing sector economy is generally expanding.
"Respondents are concerned about the uncertainty of tariffs, capacity constraints and employment resources," Anthony Nieves, chair of ISM's non-manufacturing business survey committee, said in the report.
"However, they remain mostly optimistic about overall business conditions and the economy," he said.
"The past relationship between the NMI and the overall economy indicates that the NMI for February corresponds to a 3.9-percent increase in real gross domestic product (GDP) on an annualized basis," Nieves said.
According to data released by the ISM last week, the February purchasing managers' index (PMI), which gauges the performance of the manufacturing sector, registered 54.2 percent, down by 2.4 percentage points from the January reading.
Founded in 1915, the ISM serves supply management professionals in more than 90 countries and regions, boasting 50,000 members around the world.
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