ISM’s service sector index grows again in October
This article was published November 4, 2009 at 11:16 a.m.
NEW YORK — The U.S. service sector grew for a second straight month in October, but at a slower pace than in September, as a broad economic recovery creeps along.
The Institute for Supply Management said Wednesday that its service index dipped to 50.6 last month from 50.9. A reading above 50 signals growth. Analysts polled by Thomson Reuters had expected a 51.5 for the index that tracks the country’s hospitals, retailers, financial services companies and truckers.
Investors liked the growth in new orders, and stocks rose on Wall Street. The Dow Jones industrials added about 125 points in morning trading, and broader indexes also rose.
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