U.S. services sector index races to record high in July -ISM survey
Source: Reuters
August 4, 2021
10:04 AM EDT
Last Updated 2 hours ago
United States
U.S. services sector index races to record high in July -ISM survey
Lucia Mutikani
WASHINGTON, Aug 4 (Reuters) - A measure of U.S. services industry activity jumped to a record high in July, boosted by the shift in spending to services from goods, but businesses continued to face rising prices because of supply chain constraints.
The Institute for Supply Management said on Wednesday its non-manufacturing activity index raced to 64.1 last month, the highest reading in the series' history, from 60.1 in June.
A reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of U.S. economic activity. Economists polled by Reuters had forecast the index climbing to 60.5.
Demand is rotating back to services as nearly half of the population has been fully vaccinated against COVID-19, allowing people to travel, frequent restaurants, visit casinos and attend sporting events among services-related activities that were curbed early in the pandemic in favor of goods.
{snip}
Read more: https://www.reuters.com/world/us/us-services-sector-index-races-record-high-july-ism-survey-2021-08-04/
Hat tip, Associated Press, via Newsmax
Growth in US Services Sector Hits Record High in July
https://www.newsmax.com/us/us-economy-services/2021/08/04/id/1031106/