US service sector expands at record pace in October

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — The rate of expansion in the U.S. services sector, where most Americans work, hit a record high in October as demand remained strong even as supply chain problems persisted. The Institute for Supply Management reported Wednesday that its monthly survey of service industries jumped to a reading of 66.7. That follows September’s reading of 61.9. Any reading above 50 indicates growth in service industries.  Readings for the categories of business activity, new orders, supplier deliveries and backlog of orders all surpassed previous records.