The Institute for Supply Management is out with a better report on business when it comes to the nonmanfuacturing (services) sector versus that of the manufacturing sector today. The nonmanufacturing index came in at 53.7%, which is above the 50.0% growth/contraction line and also above the Bloomberg consensus estimate from economists of 53.0%. The report showed the following subindex readings:
- Business Activity Index at 55.6%
- New Orders Index at 53.7%
- Employment Index at 53.8%
Today’s news confirms that the services sector’s economic activity grew in August for the 32nd consecutive month. The gain overall is 1.1 points higher than that of July. The overall activity was lower by 1.6 points from July, and new orders was also about 0.6 points lower than July, but the employment index was up 4.5 points versus July.
Two-thirds of the sectors surveyed showed gains. Ten nonmanufacturing sectors reported growth in August, and the commentary from respondents continued to be mixed and reflects uncertainty about business conditions and the economy. The five service industries showing contraction in August are as follows: Mining; Wholesale Trade; Information; Arts, Entertainment & Recreation; and Health Care & Social Assistance.
JON C. OGG
Smart Investors Are Quietly Loading Up on These “Dividend Legends” (Sponsored)
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats. There’s a better option, and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside. If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
Click here to download your FREE copy of “2 Dividend Legends to Hold Forever” and start improving your portfolio today.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
