‘U.S. services sector grows at record rate’

A measure of U.S. services industry activity jumped to a record high in July, boosted by the shift in spending to services from goods, but businesses continued to face rising prices because of supply-chain constraints.

The Institute for Supply Management said its non-manufacturing activity index raced to 64.1 in July, the highest in the series’ history, from 60.1 in June.

Demand is rotating back to services as nearly half of the population has been fully vaccinated against COVID-19, allowing people to travel and attend sporting events among services-related activities that were curbed early in the pandemic in favour of goods.

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Printable version | Sep 23, 2021 3:24:04 PM |

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