ISM Service Sector Index Shows Increase in Growth
The U.S. services sector expanded in September as the non-manufacturing business activity composite index was 59.8 in the month, compared to 55.3 in August, on a seasonally adjusted basis, the Institute for Supply Management reported Wednesday.
An index reading above 50 suggests expansion. Economists polled by Thomson Reuters had expected a 55.4 level.
The prices paid index rose to 66.3 from 57.9. The employment index gained to 56.8 from 56.2. The business activity/ production index grew to 61.3 from 57.5, the new orders index was at 63.0, up from 57.1; backlog of orders climbed to 56.0 from 53.5; new export orders increased to 56.0 from 55.0; inventories fell to 51.5 from 53.5; inventory sentiment dropped to 58.5 from 61.0; and imports rose to 52.0 from 50.5.