Economics
US Services Gauge Unexpectedly Climbs to a Three-Month High
- ISM measure rose to 56.7 in July from 55.3 a month earlier
- Business activity index reaches highest level since January
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Growth in the US services sector unexpectedly strengthened to a three-month high in July on firmer business activity and orders, easing concerns of a broader economic slowdown.
The Institute for Supply Management’s index rose to 56.7 from 55.3 a month earlier, data showed Wednesday. Readings above 50 indicate growth and the July result exceeded the most-optimistic forecast in a Bloomberg survey of economists. The median projection was 53.5.