WASHINGTON — U.S. services firms expanded at a record pace last month, stepping up production and hiring, in another sign of strength for the American economy. The Institute for Supply Management, a trade group of purchasing managers, reports that its services index hit 61.6 in September, up from 58.5 in August and the highest in records going back to 2008. “I don’t know how sustainable this rate of growth is,” said Anthony Nieves, chair of the ISM’s services survey committee. From April through June, the U.S. economy grew at a 4.2 per cent annual pace, fastest in nearly four years. Consumer spending on services rose at a 3 per cent rate, fastest in more than three years.

Source: National Post October 03, 2018 14:48 UTC