US Service Sector Drives August Business Growth
The US services sector reached a nearly two-year high in August, driving overall business activity upward despite manufacturing slowdowns. S&P Global reported that third-quarter economic growth is on track to double.
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United States services activity jumped to 56.8 in August, driving overall growth toward a 3.0% annualized rate for the third quarter. The expansion doubles the second quarter's 1.5% pace despite manufacturing headwinds tied to the conflict with Iran. S&P Global Market Intelligence reported the data on Friday, highlighting resilience in consumer spending.
