Services Sector Expands at Rapid Pace

Tempe, AZ, Sept. 5, 2013 -- The services sector of the economy expanded in August at the fastest pace on record, according to the Institute for Supply Management.

The ISM said its survey of purchasing managers climbed to 58.6% last month from 56.0% in July.

That's the highest level since the index was created in 2008.

Economists had expected the index to fall to 55.0%.