US service sector expands at record pace in October
ABC News
The rate of expansion in the U.S. services sector, where most Americans work, hit a record high in October as demand remained strong even as supply chain problems persisted
SILVER SPRING, Md. -- The rate of expansion in the U.S. services sector, where most Americans work, hit a record high in October as demand remained strong even as supply chain problems persisted.
The Institute for Supply Management reported Wednesday that its monthly survey of service industries jumped to a reading of 66.7. That follows September's reading of 61.9.
Readings for the categories of business activity, new orders, supplier deliveries and backlog of orders all surpassed previous records.
All 18 services industry categories reported growth in October, led again by retail trade.
