An index of the U.S. economy’s service sector improved in July, the Institute for Supply Management said Friday.
ISM’s monthly services index rose to a reading of 52.6, from 52.1 in June. Figures greater than 50 indicate expansion.
Economists had forecast the index would be unchanged, Bloomberg reported.
The index averaged 56.1 in the five years prior to the recession that began December 2007.
ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.