Home » Business » Stocks & Economy |
U.S. service economy holds up growth pace
Economic expansion in August faster than analysts expected
Updated: 10:41 a.m. ET Sept. 6, 2007
NEW YORK - The U.S. service sector expanded at the same pace in August as in July, a trade group said Thursday. But the latest reading was higher than analysts were expecting.
The Institute for Supply Management said its index measuring change in the non-manufacturing sector registered 55.8 in August, the same as in July.
But it was higher than the reading of 54 analysts were expecting.
The services sector accounts for 80 percent of U.S. economic activity and spans diverse industries including restaurants, banking, construction, agriculture and travel.
A reading above 50 indicates economic expansion and below 50 indicates contraction.
© 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Rate this story | Low | High |
MORE FROM STOCKS & ECONOMY |
Add Stocks & Economy headlines to your news reader: |