The Institute for Supply Management’s non-manufacturing business activity composite index was 50.6 in August, up from 49.5 in July, on a seasonally adjusted basis, the group said yesterday.
Economists polled by IFR Markets had expected a 50.0 level. An index reading below 50 signals a slowing economy, while a level above 50 suggests expansion.
The prices paid index, closely watched for signs of inflation, slid to 72.9 from 80.8. The employment index decreased to 45.4 from 47.1.
The August business activity index rose to 51.6 from 49.6, the new orders index was up to 49.7 from 47.9, backlog of orders fell to 49.0 from 52.0, new export orders slid to 44.5 from 47.5, inventories decreased to 53.5 from 54.5, inventory sentiment rose to 66.0 from 62.5, the supplier deliveries index climbed to 55.5 from 53.5, and imports fell to 46.0 from 49.0.
