October service sector index reaches highest level since August 2005

The NMI® registered 60.1 percent in October, which is 0.3 percentage point higher than the September reading of 59.8 percent. This is the highest NMI® reading since the index’s debut in 2008. The highest reading among pre-2008 composite index calculations is 61.3 percent in August 2005.

The non-manufacturing sector has reflected the third consecutive month of strong growth. Respondent comments continue to indicate a positive outlook for business conditions, and the economy as we begin the fourth quarter.

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