Services economy remains on growth path in August, reports ISM

Even though it did not surpass July’s all-time high, services economy growth, for the month of August, had another strong month, according to data in the most recent edition of the Services ISM Report on Business, which was issued today by the Institute for Supply Management (ISM). The reading for the report’s key indicator—the Services PMI (formerly the Non-Manufacturing PMI)—came in at 61.7 (a reading of 50 or higher indicates growth is occurring), down 2.4% compared to July’s all-time high reading, at 64.1, while growing for the 15th consecutive month, with services sector growth intact in 137 of the last 139 months.