The ISM Non-Manufacturing PMI rose to 55.4 in August, beating analyst forecasts of 54.1 and marking the 92nd consecutive month of expansion for the sector. Business activity and production climbed to 57.5, new orders to 57.1 and employment to 56.2, with 15 of the 18 industries tracked by the ISM reporting expansion. Retail Trade, Information and Finance and Insurance led the growth. The employment sub-index jumping 2.6 points suggests businesses are competing for workers, which historically feeds into wage growth. Cost pressures remain an ongoing concern amid a tight labor market in key service categories.
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