Economics
U.S. Service Industries Expand More Than Forecast on Orders
- ISM gauge beats estimate, exceeds pre-pandemic levels
- Employment measure expands for first time since February
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U.S. service industries expanded in September by more than forecast as faster growth in new orders and a pickup in employment pointed toward a better pace of economic recovery.
The Institute for Supply Management’s services index, which represents about 90% of the economy, climbed to 57.8 during the month from 56.9 in August, according to data released on Monday. Readings above 50 indicate expansion, and the September figure exceeded the 56.2 median estimate in a Bloomberg survey of economists.