US services sector expands in October for 10th straight month

By Ovunc Kutlu

ISTANBUL (AA) - Economic activity in the US services sector expanded in October for a tenth straight month, according to a report Friday by the Institute for Supply Management (ISM).

The ISM's non-manufacturing purchasing managers’ index (PMI), also known as the ISM services PMI, came in at 51.8%.

A reading above 50 indicates growth and below that shows contraction.

The US services sector has grown in 40 of the last 41 months, with the lone contraction in December, according to the ISM. The index hit an all-time high of 69.1% in November 2021.

"Twelve industries reported growth in October," ISM Chair Anthony Nieves said in the report, adding the services sector continues to indicate sustained growth.