Services Sector Growth Fastest in Nine Years
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.
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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.