WASHINGTON (MarketWatch)
U.S. service-sector companies expanded at sharply faster pace in July, according to the Institute for Supply Management
The ISM said its survey of purchasing managers - the executives who buy supplies for their companies - climbed to 56.0% last month from 52.2% in June
That's the highest level since February
Economists surveyed by MarketWatch had expected the index to rise to 53.1%
Reading over 50% indicate more companies are expanding instead of shrinking
Sixteen of the 18 industries tracked by Tempe, Ariz.-based ISM reported growth last month, up from 14 in the June
The ISM's new-orders index increased to 57.7% from 50.8% and production surged to 60.4% from 51.7%, but the employment gauge dipped to 53.2% from 54.7%
U.S. service-sector companies expanded at sharply faster pace in July, according to the Institute for Supply Management
The ISM said its survey of purchasing managers - the executives who buy supplies for their companies - climbed to 56.0% last month from 52.2% in June
That's the highest level since February
Economists surveyed by MarketWatch had expected the index to rise to 53.1%
Reading over 50% indicate more companies are expanding instead of shrinking
Sixteen of the 18 industries tracked by Tempe, Ariz.-based ISM reported growth last month, up from 14 in the June
The ISM's new-orders index increased to 57.7% from 50.8% and production surged to 60.4% from 51.7%, but the employment gauge dipped to 53.2% from 54.7%
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