U.S. Service Industries Expand at Faster Pace Than Forecast
- Non-manufacturing gauge holds at highest since October 2015
- ISM’s gauge of orders at service producers increases
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America’s service providers expanded more than forecast last month, spurred by an upturn in orders that coincided with stepped-up demand at the nation’s factories.
The Institute for Supply Management said Thursday that its non-manufacturing index held at 57.2 in December, the highest level since October 2015. The median forecast in a Bloomberg survey called for 56.8. Readings above 50 signal growth in the industries that make up nearly 90 percent of the economy.