Tempe AZ, Aug. 5, 2014 -- The services sector of the economy grew in July at the fastest pace in nine years, according to the Institute for Supply Management.
ISM said its nonmanufacturing index rose to 58.7% last month from 56.0% in June. That's the highest rate since December 2005.
Economists expected the index to move up to 56.5%.
Reading over 50% indicate expansion in the sector.
All but two of the 18 industries tracked by ISM reported growth last month.