ISM Services Index Climbs And Tops Forecast In October

The Institute for Supply Management's services index rose to a reading of 59.1% in October, up from 56.9% in September, the highest level in three months, and above the 56.5% expected in a MarketWatch-compiled economist poll. The components also were strong, with new orders at 62% and employment at 59.2%, on a scale where any reading above 50% indicates improving activity. The gap between the ISM services and manufacturing indexes is the largest in over 14 years.