WASHINGTON (MarketWatch)
U.S. service-sector companies expanded in August at the fastest pace on record, according to a survey of executives by the Institute for Supply Management
The ISM said its survey of purchasing managers - the executives who buy supplies for their companies - climbed to 58.6% last month from 56.0% in July
That's the highest level since the index was created in 2008 and probably the best performance since 2005
Economists surveyed by MarketWatch had expected the index to fall to 55.0%
Reading over 50% indicate more companies are expanding instead of shrinking
Sixteen industries tracked by Tempe, Ariz.-based ISM reported growth last month and two recorded a decline
The ISM's new-orders index increased to 60.5% from 57.7% and production climbed to 62.2% from 60.4%
The employment gauge advanced 3.8 points to 57.0%, the highest figure since February
U.S. service-sector companies expanded in August at the fastest pace on record, according to a survey of executives by the Institute for Supply Management
The ISM said its survey of purchasing managers - the executives who buy supplies for their companies - climbed to 58.6% last month from 56.0% in July
That's the highest level since the index was created in 2008 and probably the best performance since 2005
Economists surveyed by MarketWatch had expected the index to fall to 55.0%
Reading over 50% indicate more companies are expanding instead of shrinking
Sixteen industries tracked by Tempe, Ariz.-based ISM reported growth last month and two recorded a decline
The ISM's new-orders index increased to 60.5% from 57.7% and production climbed to 62.2% from 60.4%
The employment gauge advanced 3.8 points to 57.0%, the highest figure since February
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WASHINGTON (MarketWatch) -- Factory orders decreased 2.4% in July to a seasonally adjusted $485 billion, the U.S. Department of Commerce reported Thursday. Economists polled by MarketWatch had expected a steeper drop, with factory orders declining 3.5%. New orders for durable goods fell 7.4%, led by transportation equipment, compared with a prior estimate of a 7.3% drop. New orders for nondurable goods rose 2.4% in July. Overall shipments rose 1.1% in July.
WASHINGTON (MarketWatch) - The increase in U.S. productivity in the second quarter was much higher than initially reported, mainly because workers generated even more goods and services. Productivity rose 2.3% in the April-to-June period, up sharply from a first read of 0.9%, the Labor Department said Thursday. Economists surveyed by MarketWatch had forecast productivity to be revised up to a 1.9% increase. Output of goods and services rose at 3.7% clip instead of 2.6% as initially estimated. Yet the increase in hours worked was revised down to 1.4% from 1.7%. Unit-labor costs showed zero change instead of rising 1.4%, and the increase in hourly wages of American workers was unchanged at 2.3%. The gain in manufacturing productivity, meanwhile, was lowered to 1.9% from 2.7% in the second quarter.
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