U.S. services sector index races to record high in July -ISM survey

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U.S. services sector index races to record high in July -ISM survey

StreetInsider2021-08-04

WASHINGTON (Reuters) - A measure of U.S. services industry activity jumped to a record high in July, boosted by the shift in spending to services from goods, but businesses continued to face rising ...

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Lanying
·2021-08-05
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- Lanying:
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Mm101
·2021-08-05
Nice
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Luckyhuat
·2021-08-05
Ok
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Luckyhuat
·2021-08-05
Ok
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Whateverlah
·2021-08-04
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Economists polled by Reuters had forecast the index climbing to 60.5.\nDemand is rotating back to services as nearly half of the population has been fully vaccinated against COVID-19, allowing people to travel, frequent restaurants, visit casinos and attend sporting events among services-related activities that were curbed early in the pandemic in favor of goods.\nGovernment data last week showed spending on services accelerated sharply in the second quarter, helping to lift the level of gross domestic product above its peak in the fourth quarter of 2019.\nThe ISM survey's measure of new orders received by services businesses increased to a reading of 63.7 from 62.1 in June. Further gains are likely in the months ahead, with inventories lean and inventory sentiment among customers poor. Businesses depleted inventories at a rapid clip in the second quarter. Stocks at retailers are well below normal levels.\nThe strong demand is continuing to strain supply chains. The survey's measure of supplier deliveries rose to 72.0 from a reading of 68.5 in June. A reading above 50 indicates slower deliveries. With bottlenecks in the supply chain persisting, input prices are soaring for services businesses.\nThat contrasts with signs of an easing in supply and price pressures reported in the ISM's manufacturing survey on Monday.\nRISING PRICES\nLast month, a measure of prices paid by services industries surged to 82.3, the highest reading in nearly 16 years, from 79.5 in June.\nSome economists worry that higher inflation could be more persistent than currently envisioned by the Federal Reserve.\nFed Chair Jerome Powell has repeatedly stated that inflation will moderate as supply constraints abate. 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