The pace of growth in the U.S. service sector accelerated more quickly than economists had expected in September and hiring increased, according to an influential industry survey released on Tuesday.
The Institute for Supply Management (ISM) said its service- sector index rose to 53.2 last month from 51.5 in August, the ninth straight month of expansion. Economists had expected a reading of 52.
Readings above 50 signal growth, while levels below 50 indicate that activity is shrinking. The higher the number is above 50, the faster business has picked up.
Service sector accounts for about 80 percent of the U.S. overall economy, and is predominant job generator.
Economists said that the September indicates that the economic recovery is gaining more strength.
Source: Xinhua
