US services sector activity remains solid in August

Services sector activity in the US continued growing at a solid pace last month, the results of a very closely followed survey revealed.

The Institute for Supply Management's services sector Purchasing Managers' Index edged up from a July reading of 56.7 to 56.9.

Economists had been anticipating a dip to 55.2.

A gauge of new orders strengthened further, rising from 59.9 to 61.8, while the sub-index tracking employment edged up from 49.1 to 50.2.

The sub-index linked to the prices paid by firms meanwhile only drifted a tad lower, from 72.3 to 71.5.

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