US services sector growth moderates a bit in January

Growth in the US services sector moderated slightly in January but stayed elevated with most sectors reporting gains, the Institute for Supply Management reported Friday.

The institutes's Non-Manufacturing Index came in at 56.5 percent, down 0.1 percent from December's seasonally adjusted figure. That is still well above the 50 benchmark that separates growth from contraction.

The services sector is the major driver of the world's largest economy. Of the non-manufacturing industries surveyed, 12 reported growth, including mining, retail and finance.

Five sectors experienced contraction, including information and entertainment and recreation, the ISM said.

Among key aspects of the index, new orders fell 2.1 percent compared with December, while the employment index rose 2.0 percent.

The ISM cited a range of views of companies, with some expressing hope at rising demand and others uncertainty over how changes enacted by President Donald Trump will affect their businesses.