The U.S. services sector has continued a steady month-by-month growth, reaching its highest numbers in more than a decade.
The latest report from the Institute for Supply Management shows the Non-Manufacturing Index rose 4.5 percentage points in September to 59.8, the highest reading since August 2005.
A reading above 50 indicates expansion; below 50 means contraction.
The Non-Manufacturing Business Activity Index grew for the 98th consecutive month, with an increase of 3.8 percentage points.
The New Orders Index came in at 63 percent, up 5.9 percentage points, while the Employment Index inched ahead 0.6 percentage points to 56.8 percent.
The Prices Index shot up 8.4 percentage points to 66.3 percent, the highest reading since February 2012 and the fourth consecutive monthly increase.
How they performed
The following 15 non-manufacturing industries reported growth in September:
- Retail Trade;
- Other Services;
- Management of Companies & Support Services;
- Transportation & Warehousing;
- Real Estate, Rental & Leasing;
- Wholesale Trade;
- Professional, Scientific & Technical Services;
- Finance & Insurance;
- Health Care & Social Assistance;
- Public Administration;
- Educational Services; and
- Accommodation & Food Services.
Just two industries -- Arts, Entertainment & Recreation and Mining -- reported contracting.