US business activity rises at fastest pace since March 2022

In the week ending August 31, the advance figure for seasonally adjusted initial claims was 227,000, a decrease of 5,000 from the previous week's revised level. The previous ...

Economic activity in the services sector expanded for the second consecutive month in August, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The Services PMI® registered 51.5 percent, indicating sector expansion in six of eight months in 2024. This month's reading indicates sector expansion for the 48th time in 51 months. The report was issued today by Steve Miller, CPSM, CSCP, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "In August, the Services PMI® registered 51.5 percent, 0.1 percentage point higher than July's figure of 51.4 percent. The reading in August marked the sixth time the composite index has been in expansion territory in 2024. The Business Activity Index registered 53.3 percent in August, which is 1.2 percentage points lower than the 54.5 percent recorded in July and indicated continuing expansion after one month of contraction in June. The New Orders Index expanded to 53 percent in August, 0.6 percentage point higher than July's figure of 52.4 percent. The Employment Index expanded for the third time in 2024; the reading of 50.2 percent is a 0.9-percentage point decrease compared to the 51.1 percent recorde post: ISM Services 51.5, Exp. 51.4, Last 51.4 New Orders 53.0, Exp. 51.9 Prices Paid 57.3, Exp. 56.0 Employment 50.2, Exp. 50.5