US service industry index soars to 12-year high after storms
Non-manufacturing index hit 59.8 in September, highest since 2005
September saw American service industries expand at the fastest pace in 12 years, according to a survey from the Institute for Supply Management released Wednesday.
Bloomberg reports the Non-manufacturing index jumped to 59.8, versus estimates of 55.5. Readings above 50 indicate growth.
Measure of new orders rose to five-month high of 63, up from 57.1 the month prior.
The employment index edged up to 56.8, the strongest since May. Prices paid for materials and services hit 66.3, the highest since 2012.