Service Firms in U.S. Rebound to Best Expansion in 11 Months
An employee scoops fries into a carton inside a McDonald's Corp. restaurant in Manchester, U.K., on Monday, Aug. 10, 2015. McDonald's Chief Executive Officer Steve Easterbrook predicted a return to growth for the burger chain in the second half of the year, giving investors cause for optimism after another quarter of slumping sales.
Photographer: Paul Thomas/BloombergAmerican service companies expanded in September at the fastest rate in almost a year, returning the economy’s biggest segment to a steady growth path after a slump in the prior month.
The Institute for Supply Management’s non-manufacturing index jumped to 57.1, the highest since October 2015 and exceeding all forecasts in a Bloomberg survey, the Tempe, Arizona-based group’s data showed Wednesday. The August reading of 51.4 was the lowest in more than six years.