News Column

US Service Sector Index Rises More Than Expected In July

August 5, 2014

WASHINGTON (Alliance News) - Activity in the US service sector expanded at a notably faster rate in the month of July, according to a report released by the Institute for Supply Management on Tuesday.

The ISM said its non-manufacturing index climbed to 58.7 in July from 56.0 in June, with a reading above 50 indicating growth in the service sector. Economists had been expecting the index to edge up to a reading of 56.5.

With the bigger than expected increase, the ISM said the non-manufacturing index reached its highest reading since its inception in January of 2008.

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Source: Alliance News

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