The pace of growth in the US services sector unexpectedly accelerated in January to its highest level in nearly a year, according to an industry report released today.

The Institute for Supply Management said its services index rose to 56.8 last month from a revised 53.0 in December. It was the highest level since February 2011.

Economists had expected the index to hold steady at 53.0, according to a Reuters survey. A reading above 50 indicates expansion in the sector.

Reuters