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he Institute for Supply Management’s services index rose in October, ISM reported Thursday.

The index, which measures non-manufacturing components of the U.S. economy, rose to 60 from 53.3 in September, ISM said in its monthly report.

Figures of more than 50 indicate expansion. The level was greater than analysts' forecasts of a 57 reading, Bloomberg reported.

The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.

The new orders index rose 1.6 to 58.2, export orders fell 0.5 to 54.5 and the prices index fell 3.4 to 78, ISM said.