Service industries expanded in August at a faster pace than forecast, offering support to an economy that lost momentum in the first half of the year.
The Institute for Supply Management’s nonmanufacturing index climbed to a three-month high of 53.7 from 52.6 in July, the Tempe, Ariz.-based group said Thursday. Readings above 50 signal expansion, and economists projected 52.5 for August, according to the median estimate in a Bloomberg survey. A sustained pickup in service industries will help make up for three straight months of contraction in manufacturing.
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