The pace of growth in the US service sector rose unexpectedly in April, as employment and new orders strengthened, according to a report today.
The Institute for Supply Management's services index rose to 63.0 in April from 60.5 in March.
The median forecast of Wall Street economists polled by Reuters was for a fall to 59.2. A number above 50 indicates growth in the sector. The services sector makes up about 80 percent of U.S. economy activity, including businesses like restaurants, hotels, hair salons, banks and airlines.
The survey's prices-paid index jumped to 70.5 in April from 60.5 in March, while the jobs component rose to 56.5 from 54.6, and new orders rose to 64.6 from 59.5.