Economic activity in the non-manufacturing sector grew in October for the 94th consecutive month, according to the nation’s purchasing and supply executives in the latest Non-Manufacturing Institute for Supply Management (ISM) Report on Business.

The NMI registered 60.1%, which is 0.3 percentage point higher than the September reading of 59.8%. This represents continued growth in the non-manufacturing sector at a slightly faster rate.

This is the highest NMI reading since the index’s debut in 2008. The highest reading among pre-2008 composite index calculations is 61.3% in August 2005.

The Non-Manufacturing Business Activity Index increased to 62.2%, 0.9 percentage point higher than the September reading of 61.3%, reflecting growth for the 99th consecutive month, at a slightly faster rate in October.

The New Orders Index registered 62.8%, 0.2 percentage point lower than the reading of 63% in September. The Employment Index increased 0.7 percentage point in October to 57.5% from the September reading of 56.8%.

The Prices Index decreased by 3.6 percentage points from the September reading of 66.3% to 62.7%, indicating prices increased in October for the fifth consecutive month. According to the NMI, 16 non-manufacturing industries reported growth.

“The non-manufacturing sector has reflected the third consecutive month of strong growth,” said Anthony Nieves, chair of the Institute for Supply Management non-manufacturing business survey committee. “Respondent comments continue to indicate a positive outlook for business conditions and the economy as we begin the fourth quarter.”