US Services Sector Growth Beats Estimates

The ISM Non-manufacturing PMI index registered 59 percent in August, down from a 10-year high of 60.3 in July but better than market expectations. Although 4 main subindexes decreased, 15 out of 17 services industries reported growth, the same as in July.
ISM | Joana Taborda | 9/3/2015 3:11:51 PM
The Non-Manufacturing Business Activity Index decreased to 63.9 percent, which is 1 percentage point lower than the July reading of 64.9 percent, reflecting growth for the 73rd consecutive month at a slower rate. 

The New Orders Index registered 63.4 percent, 0.4 percentage point lower than the reading of 63.8 percent in July. 

The Employment Index decreased 3.6 percentage points to 56 percent from the July reading of 59.6 percent and indicates growth for the 18th consecutive month. 

The Prices Index decreased 2.9 percentage points from the July reading of 53.7 percent to 50.8 percent, indicating prices increased in August for the sixth consecutive month. 

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

US Services Sector Growth Beats Estimates