Economic activity in the US nonmanufacturing sector accelerated in August but at a slower pace than July. The Institute for Supply Management’s nonmanufacturing composite index fell to a reading of 59.0 from July’s reading of 60.3, which marked the highest reading since the start of the composite index in 2008.

A reading above 50 indicates expansion in the sector.

“This sector has been insulated from what’s going on,” Bloomberg quoted Anthony Nieves, chairman of the ISM non-manufacturing survey, as saying on a conference call with reporters after the release. While there was some cooling off, “employment will continue to grow.”

The employment portion of the index also fell to a reading of 56.0 in August from July’s reading of 59.6, the highest reading since August 2005 when the index registered 60.2.