Thursday, September 3rd18.6°C
26775
26096

US services firms grew last month at fastest pace since ISM survey began tracking them in 2008

WASHINGTON - U.S. services firms expanded in August at the fastest pace on record.

The Institute for Supply Management said Thursday that its services index rose to 59.6 last month from 58.7 in July. The August figure is the highest recorded since the measure was introduced in January 2008. Fifteen industries reported growth last month. Only mining and arts, entertainment and recreation contracted in August.

Hiring grew at services firms for a sixth straight month. Their export orders grew for a fifth straight month but at a slower pace than in July.

Jennifer Lee, senior economist at BMO Capital Markets, said the report suggests that economic growth remains healthy in the current July-September quarter after registering a robust 4.2 per cent annual pace from April through June.

"The encouraging U.S. economic news continues to roll in, pointing to continued job creation and, at some point, higher wages and then, stronger consumer spending," Lee wrote in a research note.

The ISM is a trade group of purchasing managers. Its services survey covers businesses that employ 90 per cent of the American workforce, including retail, construction, health care and financial services firms.

On Friday, the Labor Department will report on hiring and unemployment in August. Economists forecast that the economy generated 220,000 jobs. That would be the seventh straight month that job gains exceeded have 200,000, the longest such streak since 1997.

The Canadian Press


Read more Business News

27613


Recent Trending




Today's Market
S&P TSX13596.41+51.16
S&P CDNX553.75+3.70
DJIA16374.76+23.38
Nasdaq4733.50-16.48
S&P 5001951.13+2.27
CDN Dollar0.7583+0.0004
Gold1124.00-8.50
Oil46.64-0.11
Lumber233.30-0.70
Natural Gas2.712-0.013

 
Okanagan Companies
Pacific Safety0.22+0.00
Knighthawk0.010.00
QHR Technologies Inc1.24+0.05
Cantex0.04-0.01
Anavex Life Sciences1.11-0.14
Metalex Ventures0.05-0.00
Russel Metals21.09+0.22
Copper Mountain Mining0.60-0.01
Colorado Resources0.075-0.010
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.08-0.01
Decisive Dividend Corp2.50-0.12

 



27613

FEATURED Property
213979510841 Westshore Road
4 bedrooms 3 baths
$349,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Where does the money go?

Photo: Thinkstock.comOne of the major components of business relationships that involve money are the fees in the investment industry. There is currently a quiet battle being waged between the practit...


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...

_





26376


Member of BC Press Council


25646