October ISM Services Index Increases to 54.3

The Institute for Supply Management’s non-manufacturing business activity composite index rose to 54.3 in October, from 53.2 in September, the group said Wednesday.

Economists polled by Thomson Reuters had expected a 53.5 level for the services gauge. Index readings below 50 signal a slowing economy and those above 50 suggest expansion.

The prices paid index, closely watched for signs of inflation, surged to 68.3 from 60.1. Employment rose to 50.9 from 50.2; the business activity/production component grew to 58.4 from 52.8; and new orders increased to 56.7, up from 54.9.

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