The services sector increased its pace of expansion in October, according to an Institute of Supply Management report. The Institute's non-manufacturing index rose to 64.7 from 63.3 in September, just shy of August's record high of 65.1.

Any reading over 50 suggests growth in the six-year-old ISM services survey. The sector makes up roughly 80 percent of the United States economy.

The employment index in ISM's services survey rose to 52.9, its highest level since November 2000 and up from a reading of 49.1 in September. The outlook for growth showed solid improvement, with the new orders index rising to 64.4 versus 59.9 in September, but still below August's rapid pace of 67.6.