ISM Non-Manufacturing Index

ISM Non-Manufacturing Index Increased to 56 in July From 52.2

By Bloomberg News

The Institute for Supply Management’s non-manufacturing index increased to 56 July from 52.2 the prior month, a report from the Tempe, Arizona-based group showed today.

The median forecast in a Bloomberg survey of economists called for a gain to 53.1. Readings higher than 50 indicate growth in the industries that make up almost 90 percent of the economy.

Estimates of the 75 economists in the Bloomberg survey ranged from 51.5 to 55 for the index, which includes industries from utilities and retail to health care, housing and finance. Before today, the gauge averaged 53.6 since the recession ended in June 2009.

Service industries in the rest of the world are showing signs of stabilizing. In the U.K., services growth accelerated in July at the fastest pace in more than six years, according to figures today from Markit Economics and the Chartered Institute of Purchasing and Supply.

Euro-area services output shrank at a slower pace than initially estimated, data from Markit Economics showed, while in China, an index of non-manufacturing purchasing managers increased for the first time since March.