Pursuits
U.S. Economy: Service Companies Grew at Faster Pace
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Service industries expanded in July at a faster pace than forecast, reflecting an increase in employment that eases the risk U.S. economic growth will slacken in the second half of the year.
The Institute for Supply Management’s index of non-manufacturing businesses, which covers about 90 percent of the economy, rose to 54.3 from 53.8 in June. Readings above 50 signal expansion and the median estimate of economists surveyed by Bloomberg News called for a drop to 53. Another report showed companies added more jobs than projected last month.