WASHINGTON (AP) — US service firms expanded last month at the fastest pace since February, fueled by a jump in new orders and stronger business activity.
The Institute for Supply Management says its index of service-sector growth rose in July to 56.0. That's up from 52.2 in June. Any reading above 50 indicates expansion.
The increase is a hopeful sign for businesses that employ 90 percent of the workforce. It suggests weak economic growth could rebound in the second half of the year.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
