US service sector sees accelerated expansion
Print Edition
The pace of growth in the United States service sector accelerated in July, picking up from a three-year low as new orders surged to their highest level in five months, an industry report showed yesterday.
The Institute for Supply Management said its service index rose to 56 from 52.2 in June, easily topping economists’ expectations for 53.
The report likely added to views that economic growth will strengthen in the latter half of the year, as last week’s ISM manufacturing report showed the sector’s growth hit a two-year high in July.
The service sector figure surpassed even the high end of forecasts and matched what had been the high for the year reached in February.
A reading above 50 indicates expansion in the sector.
The forward-looking new orders component also hit its highest level since February, jumping to 57.7 from 50.8. But the employment index softened, falling to 53.2 from 54.7.
The exports index moderated to 49.5 from 47.5, suggesting demand from abroad remained weak even as the measure shrank less than in June. The imports index slowed to 50.5 from 53.5.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
