The numbers: The huge service side of the U.S. economy grew faster in January and companies added more workers, signaling better times ahead as the record surge in coronavirus cases receded.
A survey of top business leaders at non-manufacturing companies such as restaurants, hospitals and banks rose to 58.7% from a revised 57.7% in the prior month, the Institute for Supply Management said Wednesday.
Readings above 50% signals that businesses are expanding, and numbers above 55% are usually a sign of broad strength.
A similar ISM survey of manufacturers was also strong in January.
Big picture: The economy downshifted at the end of 2020 after a fresh onslaught from the coronavirus. Yet rising vaccinations, the lifting of business restrictions and the promise of more federal aid from Washington are giving companies a jump-start early in the new year.
Read: ADP says private-sector higher climbs in January
Market reaction: The Dow Jones Industrial Average DJIA,
