Economics
Service Industries in U.S. Expand at a More Moderate Pace
- ISM gauge retreats from a more than one-year high in July
- Business activity also cools; employment decline slows
This article is for subscribers only.
U.S. service industries expanded at a slower rate in August as orders growth downshifted, indicating a more moderate pace of economic recovery from the pandemic.
The Institute for Supply Management data showed Thursday that its services index fell 1.2 points to 56.9 during the month, in line with median projection in a Bloomberg survey of economists. It marked the first decline in four months. Readings above 50 indicate growth.