U.S. Services Sector Grows Most in Nearly a Year

  • 2/5/2023
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Washington, Muharram 04, 1438, October 05, 2016, SPA -- The U.S. services sector received an energy boost in September, the Institute for Supply Management (ISM) said Wednesday, with orders and sales both surging. The ISM purchasing managers index (PMI) for the services sector, the key engine of the U.S. economy, jumped to 57.1, the highest level in almost a year, after slumping to 51.4 in August. Prices and the backlog of orders also were stronger, indicating sustained activity for American services businesses over the medium term. It was the best level of the ISM services PMI since October 2015, when the index hit 58.3. However, companies responding to the survey noted higher costs for labor and pressure on margins, and some sectors – such as arts, entertainment, and recreation – said business was slower. --SPA 21:26 LOCAL TIME 18:26 GMT www.spa.gov.sa/w

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