Economics
U.S. Services Gauge Edges Up as Business Activity Strengthens
- ISM gauge advances slightly to 61.9 in September from 61.7
- Measures of business activity, backlogs, prices rise
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U.S. service providers expanded at a faster-than-expected pace in September, supported by a pickup in business activity and durable growth in new orders.
The Institute for Supply Management’s non-manufacturing index edged up to 61.9 last month from 61.7 in August, data showed Tuesday. The median forecast in a Bloomberg survey of economists called for the measure to fall to 59.9. Readings above 50 signal growth.