The U.S. technology sector grew at a solid pace in January, according to an index released by the New York Federal Reserve Bank on Wednesday. The Tech-Pulse Index, a compilation of data on activity in the U.S. tech sector, grew at an annualized rate of 36.0% in January, down from a revised 37.2% annual rate in December in inflation-adjusted terms, which take into account falling technology prices. December's growth was originally reported as an annual 48.7% pace.
The index is calculated monthly from data covering investment, consumption, employment, industrial production and shipments in the technology sector. Unadjusted for inflation, the index grew at an annual rate of 20.2% in January, compared with a revised 21.1% in December, the New York Fed said. Over the year to January, the index grew at an inflation-adjusted rate of 36.4%, above the 34.4% pace of the previous month.