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ISM Non-Manufacturing Report Better-than-Expected
by Todd BuntonSeptember 06, 2012 | Comments : 4 Recommended this article: (0)
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Economic activity in the non-manufacturing sector grew for the 32nd consecutive month in August, according to a survey of U.S. purchasing and supply executives conducted by the Institute for Supply Management. The non-manufacturing index registered 53.7%, up from July's reading of 52.6%. A reading above 50.0 signals expansion.
The internal components of the report were solid too. The backlog of orders rose from 44.5 to 50.5. And while new orders did slide -0.6 to 53.7, they managed to stay above 50.0 for the 37th straight month. The only internal component to register below 50.0 was imports, and that came in at 49.5.
This better-than-expected report comes after a somewhat disappointing ISM manufacturing survey on Tuesday that showed economic activity in the manufacturing sector contracted for the third straight month.
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