U.S. Service Industries Grow at Second-Fastest Pace in a Decade

Service producers unexpectedly expanded in October at the second-fastest pace in a decade, allowing the U.S. economy to forge ahead even as factories remain bogged down by sluggish overseas demand.

The Institute for Supply Management’s non-manufacturing index advanced to 59.1 from 56.9 the prior month, the Tempe, Arizona-based group said Wednesday. A gauge above 50 denotes expansion, and the reading exceeded all estimates in a Bloomberg survey.