Business News - U.S. service sector shows some growth

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U.S. service sector shows some growth

TEMPE, Ariz. (UPI) -- Activity in the U.S. service industries sector grew for the second consecutive month in October, an industry group said Wednesday.

The Institute for Supply Management said its headline index in the non-manufacturing sector dropped 0.3 percentage points, but came in as a positive number by breaching the 50-point break even mark at 50.6.

Activity grew in new orders, but fell in employment, the report said.

The new orders index came in at 55.6, while the employment index shrank from 44.3 to 41.1.

Economists predicted better results, forecasting the Purchasing Managers Index at 51.5.

The price index rose from 48.8 to 53, indicating deflation is unlikely to emerge as the economy's recovery takes shape.

Copyright 2009 by United Press International

This news arrived on: 11/04/2009

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