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Economic activity in the non-manufacturing sector grew in August at its fastest rate since 2008, according to the Institute for Supply Management’s Non-Manufacturing Report on Business released today.
The institute’s non-manufacturing business activity index rose in August to a reading of 58.6, the highest reading since the index began in January 2008. August's reading is up 2.6 percentage points from July's reading of 56.0. Readings above 50 indicate growth.
Additionally, the employment portion of August’s index increased 3.8 percentage points to 57.0 percent — its highest figure since February — indicating growth in employment for the 13th consecutive month.