Capital Economics: The Institute for Supply Management

The Institute for Supply Management: The Institute for Supply Management said Tuesday that its service-sector index rose to 55.4 in October, up from 54.4 in September. Any reading above 50 indicates expansion, according to Times Colonist. The increase "supports other evidence suggesting that the wider economy shrugged off the government shutdown," said Paul Dales, an economist at Capital Economics. "With the shutdown over, the index may rise further in November as any postponed activity takes place." WASHINGTON - Activity at U.S. service firms accelerated in October behind a jump in sales and more hiring, suggesting businesses largely shrugged off the partial government shutdown. The expansion at service firms echoes an ISM survey of manufacturers released last week, which showed the fastest growth at factories in 2 1/2 years. Combined, the two reports suggest the private sector is showing steady growth and was not greatly affected by the shutdown. (www.immigrantscanada.com). As reported in the news.