ISM non-manufacturing index hits all-time high in August
While non-manufacturing activity in July had a very strong month, it was followed up by an even better one in August, according to the Institute for Supply Management’s Non-Manufacturing Report on Business.
The ISM reported that its index used to measure growth—the NMI—hit its highest recorded level ever since its January 2008 introduction at 58.6 (a reading above 50 represents growth), representing a 2.6 percent gain over July’s 56.0. This NMI reading is ahead of the 12-month average of 55.0. Non-manufacturing activity has seen gains over the last 44 months.
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