Activity in the U.S. service sector unexpectedly expanded at a faster rate in the month of October, according to a report released by the Institute for Supply Management on Tuesday.
The ISM said its non-manufacturing index climbed to 55.4 in October from 54.4 in September, with a reading above 50 indicating growth in the service sector.
The modest increase came as a surprise to economists, who had been expecting the index to dip to a reading of 54.0.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.