The US service sector expanded for the seventh straight month in October, a new survey shows.
The Institute for Supply Management's index of non-manufacturing activity stood at 64.7 last month - well above the 50.0 threshold between expansion and contraction. October’s reading marks an acceleration from September’s 63.3, but is below August’s 65.1.
Particularly encouraging is the employment component of the index, which stood at 52.9 last month, its highest reading since November 2000. The service sector employs over 80% of the US workforce.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff