Investing.com - Activity in the U.S. service sector accelerated to a 21-year high in September, according to a report released on Wednesday.
The Institute for Supply Management said its index of non-manufacturing activity rose to 61.6 from 58.5 in August. It was the highest reading since Aug. 1997. Analysts had forecast a reading of 58.1.
A reading above 50 indicates expansion in the service sector and a reading below 50 indicates contraction.
The business activity index rose to 65.2 from 60.7 the month before. That was above expectations of 60.3.
The report came after a similar survey earlier in the week showed that U.S. manufacturing activity slowed last month as growth in new orders slowed sharply, but factories hired more workers, pointing to continued strength in the sector.
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