US Services Activity Expands at Modest Pace for Second Month
- ISM services PMI was little changed in August at 51.5
- Employment neared stagnation, order backlogs plunged
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The US services sector expanded at a modest pace for a second month in August as a measure of employment effectively stagnated and order backlogs slumped.
The Institute for Supply Management’s index of services was little changed at 51.5. Readings above 50 indicate expansion. The employment index slipped to 50.2 during the month, according to the figures issued Thursday.