Services Slightly Up in August to Mark 16th Straight Month of Growth

Source: ISM

The services sector posted a slight rebound in August, posting the 16th straight month of growth.

• The Services PMI stood at 61.9%, up 0.2 percentage points from 61.7 in August. This indicates the 16th straight month of growth, expanding for all but two of the last 140 months.
• The Supplier Delivers Index fell 0.8 percentage points to 68.8% from 69.6% in August, while the Prices Index climbed 2.1 percentage points to 77.5% from 75.4%.
• A total of 17 service industries reported growth during the month, including retail trade, arts, entertainment and recreation, management of companies and support services, and education services.
• Gains were also seen in transportation and warehousing, real estate, rental and leasing, accommodation and food services, construction, and mining.
• Growths were recorded in new orders, prices, the backlog of orders, and inventory sentiment, while declines were seen in employment, supplier deliveries, inventories, and imports.