US service sector picks up the pace

The pace of growth among U.S. service industries increased August to September, the Institute for Supply Management said Thursday. The Purchasing Managers Index for non-manufacturing businesses has shown growth for 33 consecutive months with the PMI rising from 53.7 percent in August to 55.1 percent in September. The index for new orders also showed growth for the 38th consecutive month and showed the pace of acceleration in September with the index at 57.7 percent, up from the August reading of 53.7 percent. Numbers above 50 in the report indicate growth, while numbers below 50 indicate a contraction. The Employment Index, which tracks the number of employees, fell, but remained positive, the index sliding from 53.8 percent to 51.1 percent in the month.