Services Sector Continues To Grow in October

Washington, DC, Nov. 5, 2014 -- The services sector of the economy continued to expand in October but at a slower pace, according to the Institute for Supply Management.

ISM said its nonmanufacturing index dropped to 57.1% from 58.6% in September. Readings over 50% signal that more businesses are expanding instead of contracting.

New orders fell 1.9 points to 59.1% and production declined 2.9 points to 60%.

However, the employment index rose 1.1 points to 59.6%, the highest level recorded since 2005.