An index of the U.S. economy’s service sector rose in August, the Institute for Supply Management reported Sept. 5.
ISM’s monthly services index increased to a 58.6 reading from 56 in July. Figures of more than 50 indicate expansion, while figures below that show contraction.
Economists had forecast the index would fall to 55, Bloomberg News reported.
ISM’s services index measures nonmanufacturing components of the economy. The services sector, which includes transportation, retail sales, financial services and other sectors, accounts for nearly 90% of the U.S. gross domestic product.