Activity in the nonmanufacturing sectors of the U.S. economy surged in January, the Institute for Supply Management reported Wednesday.

The ISM's nonmanufacturing index rose to a record 65.7 percent from 58.0 in December, indicating a much faster pace of expansion. This is the highest level recorded since the survey began in July 1997.

Economists expected the index to rise. but only slightly to 59.8 percent. Thirteen of 17 industries grew in January.

The ISM said activity in the manufacturing sectors in January was the strongest in 20 years.

By: DocMemory
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