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ISM's service sector index grows again in October
NEW YORK (AP) - A trade group says the U.S. service sector grew for a second straight month in October, but at a slower pace than in September, as the recovery creeps along for the country's hospitals, retailers, financial services companies and truckers.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The Institute for Supply Management's service index dipped to 50.6 last month from 50.9. Any reading above 50 signals growth, but analysts polled by Thomson Reuters had expected a 51.5.
But new orders, an augur of future activity, grew faster in October. That measure rose to 55.6, from 54.2 in September.
The ISM index tracks more than 80 percent of the country's economic activity.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
