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.