Economics
U.S. Services Gauge Advances to Record as Activity Strengthens
- ISM’s October measure jumps to 66.7, exceeds all estimates
- Business activity, orders, backlogs also at record highs
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U.S. service providers expanded at a record pace in October, powered by resilient demand and stronger business activity as the impact of the delta variant faded.
The Institute for Supply Management’s services index advanced to 66.7 last month, exceeding all projections, from 61.9 in September, data showed Wednesday. Readings above 50 signal growth.