The ISM index accelerates to 66.7%, much more than the 61.9% recorded in September. Analysts had expected a slowdown to 61.7%.
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Activity in services accelerated in October in the United States, reaching an all-time high despite persistent procurement and hiring difficulties, and catching analysts by surprise who saw it slowing, according to the index. ISM professional federation released Wednesday.
The index, which measures the level of business activity, stood at 66.7% in October, showing much faster growth than in September, when it was 61.9%.
Analysts expected a slowdown, and saw the index retreat and return to its August level of 61.7%.
Activity expands when the index is above 50%, and slows down when it is below this threshold.
The service sector, vital to the US economy, has suffered the most from restrictions imposed to contain the spread of the coronavirus.
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