US Economy

October service sector growth strong as economy remains hot

ISM non-manufacturing index at 62.5 vs. 59.5 estimate

U.S. services expanded in October more than anticipated as economic growth remained hot, according to a report Monday.

The ISM non-manufacturing index registered 60.3 percent in October, above the 59.3 expected from a survey of economists by Refinitiv.

"The non-manufacturing sector has again reflected strong growth despite a slight cooling off after a record month in September," ISM chair Anthony Nieves said in a statement.

The index jumped to 61.6 in September, which was its fastest expansion on record.

The data release also came after ADP and Moody's Analytics reported on Wednesday better-than-expected payrolls creation for October. The two firms said on Wednesday private companies added 227,000 payrolls last month.