US services sector powers up

WASHINGTON: The US economy´s service sector grew sharply in July, expanding 4.3 percent to reach a record high, the Institute for Supply Management said Wednesday.
The ISM non-manufacturing purchasing managers index jumped to 60.3 in July, the highest level since the composite index series started in 2008.
The PMI increase came in far above the consensus estimate of 56.3, which would have been just slightly above the June reading of 56.0. The July reading was also much stronger than the 12-month average of 57.4.
A reading above 50 indicates growth. The services sector, which accounts for about 80 percent of US economic activity, has now been expanding for 66 consecutive months.
Fifteen of the 18 service industries surveyed reported growth. The arts, entertainment and recreation sector led the way, followed by educational services and retail trade.