Financial News: U.S. Services Index Unexpectedly Inches Higher In August

U.S. Services Index Unexpectedly Inches Higher In August

09/05/2024 - 10:35:00 (RTTNews)

(RTTNews) - The Institute for Supply Management released a report on Thursday unexpectedly showing a slight uptick by its reading on U.S. service sector activity in the month of August.

The ISM said its services PMI inched up to 51.5 in August from 51.4 in July, with a reading above 50 indicating growth in the sector. Economists had expected the index to edge down to 51.1.

"For a second straight month, the slow growth indicated by the Services PMI reading was reinforced by panelists' comments," said Steve Miller, Chair of the ISM Services Business Survey Committee.

He added, "Slow-to-moderate growth was cited across many industries, while ongoing high costs and interest-rate pressures were often mentioned as negatively impacting business performance and driving softness in sales and traffic."

The uptick by the headline index came as the new orders index crept up to 53.0 in August from 52.4 in July, indicating modestly faster growth.

Meanwhile, the business activity index fell to 53.3 in August from 54.5 in July and the employment index dipped to 50.2 in August from 51.1 in July, but the readings above 50 still indicate growth.

The report also said the prices index inched up to 57.3 in August from 57.0 in July, suggesting prices increased at a slightly faster rate.

On Tuesday, the ISM released a separate report showing its reading on U.S. manufacturing activity saw a modest increase in the month of August but continued to indicate contraction.

The ISM said its manufacturing PMI inched up to 47.2 in August from 46.8 in July, with a reading below 50 indicating contraction. Economists had expected the index to rise to 47.5.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Singapore Trade Data On Tap For Tuesday (46 min(s), 43 sec(s) ago)
(RTTNews) - Singapore will on Tuesday release August figures for non-oil exports, trade balance an ...Full Story»

New York Manufacturing Index Indicates Significant Turnaround In September (09 hr(s), 05 min(s), 43 sec(s) ago)
(RTTNews) - The Federal Reserve Bank of New York released a report on Monday showing regional manu ...Full Story»

New York Manufacturing Index Unexpectedly Turns Positive In September (10 hr(s), 09 min(s), 43 sec(s) ago)
(RTTNews) - The Federal Reserve Bank of New York released a report on Monday showing regional manu ...Full Story»

Denmark Producer Prices Rise Most In 18 Months (10 hr(s), 42 min(s), 43 sec(s) ago)
(RTTNews) - Denmark's producer prices increased further and at the fastest pace in eighteen mo ...Full Story»

UK House Prices Rise On Bank Of England Rate Cut: Rightmove (11 hr(s), 18 min(s), 43 sec(s) ago)
(RTTNews) - UK house prices increased in September as the traditionally busier Autumn market start ...Full Story»

Czech Producer Price Inflation Eases To 1.1% (11 hr(s), 19 min(s), 43 sec(s) ago)
(RTTNews) - The Czech Republic's industrial producer price inflation eased in August from an 1 ...Full Story»

Eurozone Hourly Labor Cost Growth Slows In Q2 (12 hr(s), 05 min(s), 43 sec(s) ago)
(RTTNews) - Eurozone hourly labor cost growth softened in the second quarter on slower wage growth ...Full Story»

Italy Trade Surplus Grows In July (12 hr(s), 08 min(s), 43 sec(s) ago)
(RTTNews) - Italy's foreign trade surplus increased in July from a year ago as exports grew fa ...Full Story»