WASHINGTON (8/6/13)--Signaling improvement in the world's largest economy after three quarters of slowdowns, U.S. service industries expanded in July at the fastest pace in five months, according to the Institute for Supply Management (ISM).
ISM's non-manufacturing index rose to 56 from a more-than-three-year low of 53.2 in June, Tempe, Ariz.-based ISM said in a report released Monday (Bloomberg.com and Moody's Economy.com Aug. 5).
July's number suggests moderate growth in service industries, which is mostly what has been seen primarily on the spending and hiring sides, Julia Coronado, chief economist for North America at BNP Paribas in New York, told Bloomberg.
The second half of the year should be even stronger, she added.
The index has averaged 53.7 since the end of the recession in June 2009, Bloomberg said.