The ISM Services Index clearly shows the US economy is not remotely close to slowing down
The ISM Services Index clearly shows the US economy is not remotely close to slowing down. Economists were projecting a 57.7 reading (down form July's 58.7). Instead, the number reached its highest level since August 2005 at 59.6. The Business Activity component of the index climbed to 65 percent, up 2.6% from July. That's the highest level since December 2004. Meanwhile, the Prices Index decreased 3.2% from July, which indicates inflationary pressure continues to be a non-issue. All 15 services industries reported growth for the month. Overall, this is about as positive as an economic report can be for those looking for economic growth. (VIEW LINK)
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