facebook
twitter
rss
account
search
search

Service business activity grew in August

Sept. 6, 2011 at 11:48 AM   |   Comments

TEMPE, Ariz., Sept. 6 (UPI) -- Business activity in U.S. service industries grew in August for the 21st consecutive month, the Institute for Supply Management said Tuesday.

The pace of growth accelerated with the headline Purchasing Manager's Index rising from 52.7 to 53.3.

The index uses 50 as a break-even point. Above 50 indicates growth.

The new orders index for non-manufacturing businesses rose from 51.7 to 52.8, also showing faster growth.

The employment index, however, showed slower growth, coming in at 51.6, down from July's 52.5.

The prices index rose sharply from 55.6 to 64.2

In the month, 10 of 18 service industries tracked in the report showed growth and the production index showed slower output.

The August survey showed, "There is a degree of uncertainty concerning business conditions for the balance of the year," said Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Auto sales grow 11% in July, Chrysler sales surge 20%
2
Analysis: Hamas history tied to Israel
3
Excalibur IB artillery projective enters full-rate production
4
Army receives first advanced CH-47F helicopter variant
5
Austrian student files class action suit against Facebook
Trending News
Video
x
Feedback