The Institute for Supply Management’s survey of non-manufacturing firms climbed to a 21-year high of 61.6 last month from 58.5. It’s the highest mark of the current nine-year-old expansion and the second strongest reading in the history of an index whose roots stretch back to 1997.
Numbers over 50% are viewed as positive for the economy, and anything over 55% is considered exceptional.
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All 17 industries tracked by the ISM reported growth in September. Many companies saw an increase in new orders and they hired more workers. A gauge measuring employment rose to a record 62.4.
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The economy is going strong and appeared primed for a strong holiday season to finish out the year. The latest ISM survey shows little likelihood that growth will slow anytime soon, and the recent trade agreement with Canada is sure to further ease the worries of corporate America.
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