US service sector expands at record pace in October

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — The rate of expansion in the U.S. services sector, where most Americans work, hit a record high in October as demand remained strong even as supply chain problems persisted. The Institute for Supply Management reported Wednesday that its monthly survey of service industries — which includes restaurants and bars, trucking companies, hotels and many other businesses — jumped to a reading of 66.7 from September’s reading of 61.9. Although measurements for business activity, new orders, supplier deliveries and backlog of orders all surpassed previous records, the same old problems persist: labor shortages, supply chain bottlenecks and higher prices.