RTRS: RPT-U.S. services sector shrinks sharply in Oct - ISM
NEW YORK, Nov 5 (Reuters) - The U.S. service sector shrank unexpectedly sharply in October, according to a report released on Wednesday.
The Institute for Supply Management said its non-manufacturing index came in at 44.4 versus 50.2 in September.
The level of 50 separates expansion from contraction.
Economists expected a reading of 47.5, according to the median of 75 forecasts in a Reuters poll which ranged from 42.0 to 50.5.
The services sector represents about 80 percent of U.S. economic activity, including businesses such as banks, airlines, hotels and restaurants. (Reporting by Burton Frierson; Editing by James Dalgleish)
