(Reuters) – U.S. service sector exercise ongoing to decide on up for a second straight thirty day period in August amid soaring orders and a solid position market as provide and cost pressures eased. rekindling hopes that the financial state has not slipped into recession in spite of the decrease in output.
The Institute for Source Management (ISM) monthly survey, launched Tuesday, shows that the services index highly developed past thirty day period to 56.9, the next consecutive increase following 3 months of decrease. In July the index stood at 56.7.
Economists surveyed by Reuters predicted an common August determine of 54.9, the figure of 50 that separates progress and contraction in activity.
Last week, yet another poll confirmed manufacturing exercise in the US remained secure in August at 52.8 though the consensus anticipated a slowdown to 52., even more indicator that the economic climate is not in a recession.
The sub-index of new orders received by support firms jumped to 61.8 from 59.9 in July. Work rose to 50.2 soon after falling to 49.1 in July.
The sub-index of costs paid by businesses, for its element, fell to 71.5, the least expensive amount since January 2021, right after 72.3 in July.
(Report Lindsay Dunsmuir French edition Claude Chendjou, edited by Sophie Louet)
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