Economic activity in the U.S. non-manufacturing sector grew in July at a faster rate than June, according to the Institute for Supply Management’s non-manufacturing index released today.

ISM’s non-manufacturing index rose in July to a reading of 58.7 from June’s reading of 56.0. July’s reading is the highest reading for the index since its inception in January 2008. Readings above 50 indicate growth.

The employment portion of the index rose to a reading of 56.0 in July, up from June’s reading of 54.4 percent, indicating growth for the fifth consecutive month and at a faster rate.