The US Institute for Supply Management’s Services PMI climbed to 55.4 in August from 54.1 in July, beating economists’ expectations of 54.3. This marks the 26th consecutive month of expansion for the services sector, which effectively constitutes the US economy. Any reading above 50 signals growth, and 55.4 places the sector well above contraction territory. The report was released on September 3 by the ISM’s Services Business Survey Committee chaired by Steve Miller, covering 18 service industries from healthcare and finance to hospitality and professional services.
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