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Services Sector Expands in July

Wall Street Journal (08/05/14) Kathleen Madigan

The Institute for Supply Management’s nonmanufacturing index for July rose to 58.7 from 56.0 in June, the highest level since January 2008. Forecasters surveyed by the Wall Street Journal had forecast a reading of 56.5. A reading above 50 indicates growth. The construction industry played a large part in the increase, and the only sector that saw a decrease in business activity was utilities. Meanwhile, the employment index rose to 56.0 from 54.4.