The ISM Services PMI rose 1.3 points to 55.4 in August, its second-highest reading since October 2024, driven by a surge in new orders to 60.9. However, the prices paid index jumped to 72.6, the highest since July 2022, while the employment index contracted for the second consecutive month at 47.8. The data signals services growth alongside building pricing pressures and a weak labor market.
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