US: ISM Non-Manufacturing PMI rose to 59.7 in February vs 57.3 expected

"The NMI registered 59.7 percent, which is 3 percentage points higher than the January reading of 56.7 percent. This represents continued growth in the non-manufacturing sector, at a faster rate," the Institue for Supply Management (ISM) said in its latest Non-Manufacturing ISM Report on Business.

Key takeaways from the press release

• The Non-Manufacturing Business Activity Index increased to 64.7 percent, 5 percentage points higher than the January reading of 59.7 percent, reflecting growth for the 115th consecutive month, at a faster rate in February.
• The New Orders Index registered 65.2 percent, 7.5 percentage points higher than the reading of 57.7 percent in January.
• The Employment Index decreased 2.6 percentage points in February to 55.2 percent from the January reading of 57.8 percent.
• The Prices Index decreased 5 percentage points from the January reading of 59.4 percent to 54.4 percent, indicating that prices increased in February for the 21st consecutive month.