Services Sector Expands in July
Washington, DC, Aug. 5, 2013 -- The services sector of the economy expanded at a faster pace in July, according to the Institute for Supply Management.
ISM said its survey of purchasing managers rose to 56.0% last month from 52.2% in June. That's the highest level since February.
Economists had expected the index to rise to 53.1%.
Reading over 50% indicate more companies are expanding instead of shrinking.
The ISM's new-orders index increased to 57.7% from 50.8% and production rose to 60.4% from 51.7%.