Mumbai, Sept. 5 -- Service sector growth in the U.S. accelerated by more than anticipated in the month of August, according to a report released by the Institute for Supply Management on Thursday.
The ISM said its services PMI rose to 52.0 in August from 50.1 in July, with a reading above 50 indicating growth.
With the bigger than expected increase, the services PMI reached its highest level since hitting 53.5 in February.
The report showed a notable acceleration in the pace of growth by new orders, as the new orders index surged to 56.0 in August from 50.3 in July.
The business activity index also climbed to 55.0 in August from 52.6 in July, with the ISM noting the index has not been in contraction territory since May 2020.
The ISM sa...