ISM Services Index Rises for October

The economy’s service sector growth increased in October, the Institute for Supply Management said Monday.

The reading rose to a 55.8 reading from 54.8 in September, ISM said. The index measures non-manufacturing components of the economy, and figures of more than 50 indicate expansion.

Analysts had expected the index to fall to 54, Bloomberg reported.

The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.