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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