U.S. Economy: Services Accelerate More Than Forecast

Service companies in the U.S. expanded at a faster pace than projected in September, indicating the economic recovery is picking up heading into the fourth quarter.

The Institute for Supply Management’s index of non-manufacturing businesses, which covers about 90 percent of the economy, rose to 53.2 from 51.5 in August. The gauge, in which readings greater than 50 signal growth, averaged 55.3 during the six-year expansion that ended in December 2007.