Economic activity in the U.S. service sector unexpectedly grew at a faster pace in the month of April, according to a report released by the Institute for Supply Management on Tuesday.
The ISM said its non-manufacturing index rose to 57.8 in April from 56.5 in March, with a reading above 50 indicating growth in the service sector.
The increase came as a surprise to economists, who had expected the non-manufacturing index to edge down to 56.2.
With the unexpected increase, the non-manufacturing index reached its highest level since hitting 58.8 in November of last year.
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