The Institute of Supply Management’s non-manufacturing index, which tracks the U.S. economy’s service sector, hit 57.5 for the month of April, coming out on top of expectations.
The index grew for the 88th consecutive period, data revealed on Wednesday. Economist polled by Thomson Reuters had forecast the index to only reach 55.8, but a jump in new orders boosted growth higher.
The non-manufacturing index hit 55.2 in March, down from 57.6 in February. This represented continued growth in the non-manufacturing sector but at a slower pace.
