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Economic activity in the non-manufacturing sector grew in July at a faster rate than June, 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 July to a reading of 56.0 from June’s reading of 52.2. June’s reading reflected the lowest reading for the index since February 2010, when the index registered 51.7 percent, but July’s reading is the highest since the reading of 56.1 in February 2012 and matches the 12-month high set in February 2013. Readings above 50 indicate growth.
However, the employment portion of July’s index slipped to 53.2, down 1.5 percentage points from June’s reading of 54.7.