|
|
Posted: Wednesday, 04 November 2009 11:06AM
Service Sector Grows for Seond Straight Month
|
NEW YORK (AP) -- The U.S. service sector grew for a second straight month in October, but at a slower pace than in September, as the recovery creeps along for the country's hospitals, retailers, financial services companies and truckers.
READ: More Opening Bell Stories 
The Institute for Supply Management said Wednesday that its service index dipped to 50.6 last month from 50.9. Any reading above 50 signals growth. Analysts polled by Thomson Reuters had expected a 51.5.
But new orders, an augur of future activity, rose to 55.6, from 54.2 in September. Business activity also rose.
Still, the decline in employment worsened. The employment tracker has contracted for 21 of the past 22 months.
In the ISM's survey, nine industries said their businesses grew last month, with real estate, construction, corporate management and support services showing the biggest gains. Seven sectors contracted.
The index tracks more than 80 percent of the country's economic activity.
|
Copyright 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. Audio Content and Graphic Content Copyright 2009 WCBS-AM 880.
|
|
|
|
E-Mail Story
Print Story
