Economic Buzz: US Services Sector PMI Inches Up To 56.9 In July

7 Sep 2022 , 08:46 AM

Service sector activity in the U.S. unexpectedly grew at a slightly faster rate in the month of August, according to a report released by the Institute for Supply Management. Services PMI inched up to 56.9 in August from 56.7 in July, with a reading above 50 indicating growth in the sector. The modest increase by the headline index came as the business activity index rose to 60.9 in August from 59.9 in July, while the new orders index climbed to 50.2 in August from 49.1 in July. The employment index also increased to 50.2 in August from 49.1 in July, indicating a slight increase in employment following two months of contraction. The ISM said the inventories index also advanced to 46.2 in August from 45.0 in July, although a reading below 50 indicates the third straight month of contraction. Meanwhile, the report showed the prices index decreased for the fourth consecutive month, edging to 71.5 in August from 72.3 in July. Powered by Commodity Insights