Investing.com - Service sector activity in the U.S. grew at a faster rate than expected in September, expanding for the 33rd consecutive month, industry data showed on Wednesday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 55.1 in September from a reading of 53.7 in August.
Analysts had expected the index to decline to 53.2 in September.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index rose to 57.7 from 53.7, while the Employment Index declined to 51.1 from 53.8.
The Prices Paid Index rose to 68.1 from a reading of 64.3 in August.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD dipping 0.14% to trade at 1.2902.
Meanwhile, U.S. stock markets remained mixed. The Dow Jones Industrial Average shed 0.15%, the S&P 500 index dipped 0.1%, while the Nasdaq Composite index added 0.15%.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 55.1 in September from a reading of 53.7 in August.
Analysts had expected the index to decline to 53.2 in September.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index rose to 57.7 from 53.7, while the Employment Index declined to 51.1 from 53.8.
The Prices Paid Index rose to 68.1 from a reading of 64.3 in August.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD dipping 0.14% to trade at 1.2902.
Meanwhile, U.S. stock markets remained mixed. The Dow Jones Industrial Average shed 0.15%, the S&P 500 index dipped 0.1%, while the Nasdaq Composite index added 0.15%.