"The momentum that we've been generating in the economy is starting to broaden"
- Robert Dye, chief economist at Comerica Inc.
U.S. service sector expanded in February at a fastest pace in a year. The purchasing managers' index (PMI) advanced to 57.3 from 56.8 in January, said the Institute for Supply Management on Monday. Reading above 50.0 indicates industry expansion.
"The momentum that we've been generating in the economy is starting to broaden," said Robert Dye, chief economist at Comerica Inc. in Dallas. "As we get stronger job growth, we'll see more lift to the economy in the second half of the year."
"It was overall a solid report," Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York said.
"At this level of ISM, this is not really changing our view that you're still looking at around a 2.0 percent year in terms of GDP, but it is holding up and this is certainly what you want to see."
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