US services firms grow at slower but still healthy pace in October; hiring picks up.

Published January 08, 2015

U.S. services firms expanded more slowly in October for the second straight month, but the pace of growth was still healthy and hiring rose.

The Institute for Supply Management says its services index dropped to 57.1 in October, down from 58.6 in September. The index reached 59.6 in August, the highest in eight years. Any reading over 50 indicates expansion.

The ISM is a trade group of purchasing managers. Its survey of services firms covers businesses that employ 90 percent of the American workforce, including retail, construction, health care and financial services firms.

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