Sunday, April 19th2.2°C
25631
25222

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

25733


Recent Trending




Today's Market
S&P TSX15360.55-26.22
S&P CDNX702.85-2.74
DJIA17826.30-279.47
Nasdaq4931.81-75.98
S&P 5002081.18-23.81
CDN Dollar0.8169-0.0001
Gold1204.10+6.10
Oil56.14-0.57
Lumber245.50-9.80
Natural Gas2.641-0.043

 
Okanagan Companies
Pacific Safety0.12+0.00
Knighthawk0.010.00
QHR Technologies Inc1.40-0.01
Cantex0.035+0.005
Anavex Life Sciences0.33+0.02
Metalex Ventures0.075+0.030
Russel Metals27.48-0.23
Copper Mountain Mining1.13+0.01
Colorado Resources0.10-0.00
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation1.80+0.15

 





FEATURED Property
2254854#135-1050 Springfield Road
3 bedrooms 3 baths
$325,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25633

25633


Member of BC Press Council


24875