The U.S. economy’s service sector expanded in August following two straight months of contraction, the Institute for Supply Management said Thursday.
ISM’s monthly services index rose to a reading of 50.6, from 49.5 in July, the group said. Figures of more than 50 indicate expansion, while below that shows contraction.
The services index measures non-manufacturing components of the economy.
Economists had forecast an unchanged reading 8, Bloomberg reported.
The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.
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