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US Service Sector Growth Rebounds In August

07 Septembre 2017

"The non-manufacturing sector has rebounded from the prior month's cooling-off period", Anthony Nieves, a committee chair for the survey, said in a statement.

The 15 non-manufacturing industries reporting growth in August - listed in order - are: Retail Trade; Information; Management of Companies & Support Services; Real Estate, Rental & Leasing; Other Services; Wholesale Trade; Utilities; Mining; Educational Services; Accommodation & Food Services; Finance & Insurance; Public Administration; Professional, Scientific & Technical Services; Construction; and Health Care & Social Assistance.

The ISM said its non-manufacturing index climbed to 55.3 in August after falling to 53.9 in July, with a reading above 50 indicating growth in the service sector. "The majority of respondents are optimistic about business conditions going forward". The employment index also added 2.2 percentage points, rising to 57.9 per cent.

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New Orders, at 57.1, are still strong while Backlog Orders are at a solid 53.5. This represents continued growth in the non-manufacturing sector at a faster rate.

The two industries reporting contraction in August are Agriculture, Forestry, Fishing & Hunting; and Transportation & Warehousing. Business activity gained 1.6 pints to reach 57.5 per cent, reflecting 97 consecutive months of growth.

Michael Pearce, US economist at Capital Economics, said: "The small rise in the ISM non-manufacturing index in August was a little disappointing given that it only partly reversed the sharp drop seen in the previous month".

US Service Sector Growth Rebounds In August