Economic activity in the US nonmanufacturing sector accelerated in August, according to the Institute for Supply Management’s nonmanufacturing index released today.
ISM’s nonmanufacturing index rose to a reading of 58.5 in August from a reading of 55.7 in July.
Readings above 50 generally indicate improving conditions.
The employment portion of the index edged up in August to 56.7 from July’s reading of 56.1. Twelve industries reported increased employment, and four industries reported decreased employment.
Comments from respondents to the survey on which the index is based include: “Employee retention is getting much more challenging,” and “losing people to attrition [and] having trouble replacing [them] in the current market.”