U.S. service industries extend growth in January

02/5/2013 | Bloomberg

The outlook for U.S. consumer spending improved as service industries sustained their December pace of expansion in January. The Institute for Supply Management's nonmanufacturing index of 55.2 remained well above the 50 break-even mark and indicates the U.S. is "starting to see more evidence of an improving labor market," said Kevin Cummins, an economist at UBS Securities in Stamford, Conn. "So far, it doesn't seem the consumer has fallen off a cliff" due to a payroll tax increase that took effect last month, Cummins said.

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