Economic activity in US service sector rises in July

By Ovunc Kutlu

ISTANBUL (AA) - Economic activity in the US service sector rose in July for the fifth time this year, according to a survey report released by the Institute for Supply Management (ISM) on Monday.

The ISM's non-manufacturing purchasing managers’ index (PMI), also known as the ISM services PMI, came in at 51.4%, up 2.6 percentage points from June's figure of 48.8%, in line with market expectations.

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

ISM Chair Steve Miller said the prices index registered 57% in July – a 0.7-percentage point increase from June's reading of 56.3% – adding: "Ten industries reported growth in July."