|09-04-2014, 04:34 PM||#1|
ISM services industries index jumps to the highest in nine years
Service activity in the U.S. expanded at the fastest pace in nine years in August, according to a report by the Institute for Supply Management.
ISM said its services index rose to 59.6 last month from 58.7 in July. The August reading was the highest since March 2005, and topped estimates by Bloomberg for a decline to 57.7. A reading above 50 signals expansion in the sector.
A sub-index for business activity rose to 65.0 in August, the highest since December 2005, compared with 62.4 in July.
The employment index jumped o 57.1 in August, the highest since February 2006. The index was at 56.0 in July.
Prices paid, new orders, and new export orders decline slightly in August.
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