ISM Services Sector Index Rises as Prices Stay High
The U.S. services sector expanded at a faster pace in August as the non-manufacturing index rose to 58.5 from 55.7 in July, on a seasonally adjusted basis, the Institute for Supply Management reported Thursday.
An index reading above 50 suggests expansion.
The prices paid index fell to 62.8 from 63.4, the 30th consecutive month prices were growing, the ISM said. The employment index rose to 56.7 from 56.1.
The business activity/production index gained to 60.7 from 56.5, the new orders index was at 60.4, up from 57.0; backlog of orders climbed to 56.5 from 51.5; new export orders increased to 60.5 from 58.0; inventories remained at 53.5; inventory sentiment increased to 59.5 from 58.0; the supplier deliveries index rose to 56.0 from 53.0; and imports dipped to 52.0 from 52.5.