Economics
Services in U.S. Expand at Fastest Pace Since 2005: Economy
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Service industries such as builders and retailers grew in July at the fastest pace since December 2005, signaling the U.S. economy was hitting its stride entering the second half of 2014.
The Institute for Supply Management’s non-manufacturing index increased to 58.7, exceeding the highest estimate in a Bloomberg survey of economists, from the prior month’s 56, the Tempe, Arizona-based group’s report showed today. Readings greater than 50 indicate expansion. The median estimate in the Bloomberg survey called for 56.5.