US Services Activity Grows at Fastest Pace Since Mid-2022
- ISM services index advances 1.1 points to 56 in October
- Business activity, new orders expand; hiring picks up
The US service sector expanded in October at the fastest pace in over two years, fueled by a pickup in hiring.
The Institute for Supply Management’s non-manufacturing index increased to 56 in October, the highest since July 2022, data showed Tuesday. The figure topped all but one forecast in a Bloomberg survey of economists. Readings above 50 signal growth.