Economic activity in US services rises in August for 6th time this year

ISTANBUL

Economic activity in the US service sector rose in August for the sixth time this year, according to a report released Thursday by the Institute for Supply Management (ISM).

The ISM's Non-Manufacturing Purchasing Managers’ Index (PMI), also known as the ISM services PMI, came in at 51.5%, up 0.1 percentage point from July's figure of 51.4%, in line with market expectations.

A reading above 50 indicates growth and below that shows a contraction.

The market expectation for the index was to come in at 51.3%.

ISM Chair Steve Miller, however, said slow-to-moderate growth was cited across many industries, while ongoing high costs and interest rate pressures are negatively affecting business performance and driving softness in sales.