ISM Services Index Rises to 65.8 in March

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he Institute for Supply Management said Monday its non-manufacturing index rose to a record 65.8 in March from 60.8 the month before.

Readings higher than 50 indicate expansion. The index measures the services sector, which is the largest segment of the economy and includes trucking.

Economists expected the index to rise to 61.5, Bloomberg reported. The report showed 15 of 17 industries reported increases in activity, led by wholesalers, mining, communications, retail and construction, ISM said.

Services account for about 85% of the U.S. economy, the world's largest at $11.3 trillion last year, and almost the same percentage of the 130.5 million jobs.

The survey's employment index rose to 53.9 from 52.7, the sixth straight month of growth. The index of new orders companies climbed to 62.8 from 60.3 in February.

The survey's index of prices paid, a measure of costs for purchased materials and services, surged to 65.7 from 57.3.

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