Growth in U.S. service sector activity accelerated to a new record high in the month of October, the Institute for Supply Management revealed in a report released on Wednesday.
The ISM said its services PMI climbed to 66.7 in October from 61.9 in September, with a reading above 50 indicating growth in the sector. Economists had expected the index to inch up to 62.0.
"In October, strong growth continued for the services sector, which has expanded for all but two of the last 141 months," said Anthony Nieves, Chair of the ISM Services Business Survey Committee.
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