US Services Activity Rises in August
US services sector activity picked up in August as strong demand lifted new orders to a multi-year high. The rise in input prices suggests inflation could remain elevated, keeping pressure on the Federal Reserve.
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United States services sector activity advanced in August as new orders hit a 3-1/2-year high of 60.9, pushing input prices up to 72.6. The Institute for Supply Management reported Thursday that its nonmanufacturing PMI rose to 55.4 from 54.1 in July. The strong reading points to persistent inflationary pressures that could challenge the Federal Reserve's policy path.
