The February survey from Institute for Supply Management (ISM) indicated purchasing managers in the service sector remain cautiously optimistic with 14 of 17 industries reporting growth. This morning’s mostly upbeat release served to counterbalance a flurry of recent pessimism surrounding tariff concerns.

The 53.5 composite services index signaled expansion (above 50) for the 54th time in 57 months of post-recession recovery, exceeding the median forecast (52.5) but below the post-recession average (56). Although the current business activity index slipped a tenth to 54.5, it was the 57th consecutive month of expansion.

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