Investing.com - The U.S. service sector expanded at a faster-than-expected pace last month, according to an industry report released on Wednesday.
The Institute for Supply Management said its index of non-manufacturing activity rose to 57.5 in April from 55.2 in March.
The reading was above economists’ expectations of 55.8.
A reading above 50 indicates expansion in the service sector and a reading below 50 indicates contraction.
The business activity index rose to 62.4 from 58.9 the month before. That was above expectations of 58.4.
The employment index ticked down to 51.4 from 51.6 a month earlier. New orders increased to 63.2 from 58.9. The prices paid index climbed to 57.6 from 53.5.
According to an ISM report released on Monday activity in the U.S. manufacturing sector slowed to a four month low in April.