Companies in the U.S. service sector, which employs most of the nation’s work force, expanded at a faster pace in February, according to the Institute for Supply Management. The research firm’s nonmanufacturing index rose to 57.3% from 56.8% in January. The reading topped economists’ forecasts of 56.1%, according to a Reuters survey. New orders climbed to 61.2% from 59.4%. Yet the employment index slipped to 55.7% from 57.4% and the price index, which measures inflation, jumped to 68.4% from 63.5% in the prior month. Any reading over 50% indicates expansion instead of contraction.
Exclusive Guide to Factoring for Staffing Companies
Whether your firm needs working capital to hire new talent, maximize a marketing opportunity, or extend client payment terms, factoring allows staffing companies to convert unpaid invoices into cash today. Download now to get answers to the top 10 questions related to accessing working capital via invoice financing.