Service sector grows in October: ISM survey

NEW YORK (BestGrowthStock) – The U.S. services sector grew more quickly than expected in October, according to an industry report released on Wednesday.

The Institute for Supply Management said its non-manufacturing index rose to 54.3 from 53.2 in September. That was above the 53.5 median forecast of 69 economists polled by Reuters.

A reading above 50 indicates expansion in the non-manufacturing sector, which comprises mostly service sector firms and accounts for two-thirds of U.S. economic activity.

(Reporting by Steven C. Johnson; Editing by James Dalgleish)

Service sector grows in October: ISM survey