US Services Activity Expands at Modest Pace as Orders Rebound
- ISM services PMI increased 2.6 points in July to 51.4
- Employment, orders gauges return to growth territory
The ISM's services employment gauge expanded for the first time since the start of the year and at the fastest pace since September.
Photographer: Graham Hughes/BloombergThis article is for subscribers only.
The US services sector expanded in July after contracting a month earlier by the most in four years, which may help allay fresh concerns about an abrupt downturn in the economy.
The Institute for Supply Management’s index of services rose 2.6 points to 51.4. Readings above 50 indicate expansion, and the July figure was slightly firmer than the median projection in a Bloomberg survey of economists.