The U.S. services sector expanded at a slightly faster pace in July as the non-manufacturing business activity composite index was 56.0 in the month, compared to 52.2 in June, on a seasonally adjusted basis, the Institute for Supply Management reported Monday.
Economists polled by Thomson Reuters had expected a 53.0 level.
An index reading below 50 signals a slowing economy, while a level above 50 suggests expansion.
The prices paid index rose to 60.1 from 52.5.
The employment index decreased to 53.2 from 54.7.
The business activity/production index gained to 60.4 from 51.7, the new orders index was at 57.7, up from 50.8; backlog of orders dipped to 46.5 from 52.0; new export orders gained to 49.5 from 47.5; inventories fell to 53.5 from 54.5; inventory sentiment rose to 64.0 from 61.5; the supplier deliveries index increased to 52.5 from 51.5; and imports slid to 50.5 from 53.5.
