Investing.com – The service sector in the U.S. grew more-than-expected in October, expanding for the 10th consecutive month, industry data showed on Wednesday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing managers' index rose to 54.3 in October, after rising to 53.2 in September.
Analysts had expected the index to rise to 53.6 in October.
A reading above 50.0 indicates the non-manufacturing sector economy is generally expanding; below 50.0 indicates the sector is generally contracting.
The report said 11 industries reported growth in October, while 3 industries reported contraction for the month.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.13% to hit 1.4015.
Meanwhile, U.S. indices were mixed: the Dow Jones Industrial Average was up 0.15%, the S&P 500 index gained 0.09%, while the Nasdaq Composite index fell 0.08%.
In a report, the Institute of Supply Management said its non-manufacturing purchasing managers' index rose to 54.3 in October, after rising to 53.2 in September.
Analysts had expected the index to rise to 53.6 in October.
A reading above 50.0 indicates the non-manufacturing sector economy is generally expanding; below 50.0 indicates the sector is generally contracting.
The report said 11 industries reported growth in October, while 3 industries reported contraction for the month.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.13% to hit 1.4015.
Meanwhile, U.S. indices were mixed: the Dow Jones Industrial Average was up 0.15%, the S&P 500 index gained 0.09%, while the Nasdaq Composite index fell 0.08%.