Services, the largest part
of the U.S. economy, probably expanded in January for a 12th
consecutive month, helping to support the recovery, economists
said in advance of today’s economic report.
The Institute for Supply Management’s index for non-
manufacturing businesses probably eased to 54 last month from 54.2
in December, a survey of economists found. The index has held
above 50, signaling expansion, since last February.
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“Consumers are continuing to keep this economy afloat by
spending,” said Chris Rupkey, senior economist at Bank of Tokyo-
Mitsubishi Ltd. in New York. “The service economy’s strength
bodes well for this recovery.”
Rising incomes and the lowest mortgage rates in more than
four decades have given consumers the means to spend. Growth in
services, which account for 85 percent of the economy, may keep
the recovery from slowing. Profit at Airborne Inc., the third-
largest U.S. carrier of air freight, rose more than fivefold in
the fourth quarter.
Bloomberg News
