Economic activity in the U.S. service sector expanded in October for the second month in a row, but the rate of expansion slowed from September's pace, according to the Institute for Supply Management's nonmanufacturing index released today.

The index's October reading was 50.6, down from 50.9 in September. Readings of more than 50 indicate expansion.

The employment portion of the index's pace of contraction quickened in October compared with September. The reading for the employment portion of the index was 41.1 in October, down from 44.3 in September.