ISM services index rises to 54% in January

WASHINGTON (MarketWatch)
U.S. service-sector companies expanded in January at slightly faster pace, a survey of executives found
The Institute for Supply Management said its nonmanufacturing index climbed to 54% last month from 53% in December
That matched the forecast of economists surveyed by MarketWatch
Readings over 50% indicate more companies are expanding instead of shrinking
The employment gauge rose 0.8 points to 56.4%, marking the highest level in more than three years
The ISM's new-orders index rose to 50.9% from 50.4%, and production climbed to 56.3% from 54.3%
Eleven of the industries tracked by ISM reported growth last month while seven recorded a decline