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| ISM July Service-Sector Results - Aug. 3, 2005 |
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Summary
Earlier today, the Institute for Supply Management reported that its index designed to measure the economy's service-sector activity fell in July. However, there was a surge in the index's prices-paid component.
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Earlier today, the Institute for Supply Management reported that its index designed to measure the economy's service-sector activity fell to 60.5 in July. This was a bit weaker than a consensus forecast that was looking for something around 61.0; it compared with a June result of 62.2. In July of 2005, the index stood at 63.4.
News of major significance in this morning's release was a 10.5-point surge in the index's prices-paid component. It rose to 70.3, versus June's reading of a still-strong 59.8.
(NOTE: Index readings above 50.0 indicate expansion, while readings below 50.0 indicate contraction.)
On Monday (8/1), ISM released results for its index designed to measure the economy's manufacturing activity. It came in at a reading of 56.6 for July, up from June's result of 53.8. In July of 2004, the index stood at 61.6
Now that ISM has reported both indexes, I will soon publish a more detailed examination of the overall results.
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