ISM Service Sector Index Highest Since May 2008
NEW YORK (CNNMoney.com) -- The nation's service sector expanded in September for the first time in more than a year, according to a report from a purchasing managers' group released today. The Institute for Supply Management's non-manufacturing index rose to 50.9 last month from 48.4 in August. Economists surveyed by Briefing.com had expected a reading of 50, which is the point at which the index reflects expansion.
It was the second consecutive month of improvement in the index. The index last reflected expansion in August 2008. The services sector, which includes businesses such as banks, airlines and restaurants, makes up the bulk of economic activity in the United States (90%).
MP: The ISM Non-Manufacturing Index has increased in five out of the last six months, and reached a level in September last seen in May 2008.