Service Sector Growth Rebounds in January on Rate Cut Hopes
- ISM service sector index rose to 53.5 in January from 50.5 in December, beating expectations and hitting a 4-month high
- Increase signals renewed optimism about the economy due to potential interest rate cuts
- Production gauge held steady at 55.8%
- New orders index climbed to 55.0%
- Employment barometer rebounded to 50.5% after sinking to a 3.5-year low in December
