Tempe, AZ, Nov. 5, 2013 -- Economic activity in the services sector of the economy grew in October for the 46th consecutive month, according to the Institute for Supply Management.
The organization's latest registered 55.4% in October, 1 percentage point higher than September's reading of 54.4%. Readings above 50 indicate growth.
The Business Activity Index increased to 59.7%, which is 4.6 percentage points higher than the 55.1% reported in September.
The New Orders Index decreased by 2.8 percentage points to 56.8%, and the Employment Index increased 3.5 percentage points to 56.2%, indicating growth in employment for the 15th consecutive month.
The 10 non-manufacturing industries reporting growth in October — listed in order — are: Management of Companies & Support Services; Other Services; Retail Trade; Information; Educational Services; Wholesale Trade; Real Estate, Rental & Leasing; Public Administration; Professional, Scientific & Technical Services; and Finance & Insurance. The eight industries reporting contraction in October — listed in order — are: Arts, Entertainment & Recreation; Agriculture, Forestry, Fishing & Hunting; Transportation & Warehousing; Construction; Mining; Utilities; Health Care & Social Assistance; and Accommodation & Food Services.