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US service firms grew in September at fastest pace since March, as ISM index climbs to 55.1

U.S. service companies, which employ nearly 90 percent of the work force, grew in September at the fastest pace since March, driven by more activity and an increase in new orders.

The Institute for Supply Management says its index of non-manufacturing activity rose to 55.1, up from 53.7 in August. Any reading above 50 indicates expansion.

The service sector has grown for 33 straight months, based on the ISM survey. The report measures growth in a broad range of businesses from retail and construction companies to health care and financial services firms.

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