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Economic growth in the service sector picked up in October, according to the Institute for Supply Management's report on the service sector released today. The non-manufacturing business activity index rose to 55.8 in October from 54.8 in September. The service sector's employment index, however, fell to 51.8 in October from 52.7 in the prior month indicating growth at a slower rate. Index readings above 50 indicate expansion.
"The overall indication in October is continued economic growth in the non-manufacturing sector at a faster pace than in September," said Anthony Nieves, chair of the ISM's non-manufacturing business survey committee.
The report is based on a survey of purchasing and supply executives across the country.