US service sector activity gained momentum in July as new purchase orders rose to a record high but hiring fell, supporting views that the labor market recovery is faltering amid an increase in new COVID-19 cases nationwide.<\/p>\n\n\n\n
The Institute of Supply Management said on Wednesday that its index of activity outside the manufacturing sector rose to a reading of 58.1 last month, the highest level since March 2019 and up from 57.1 in June.<\/p>\n\n\n\n
The index fell to 41.8 in April, the lowest reading since March 2009.<\/p>\n\n\n\n
The services sector accounts for more than two-thirds of economic activity in the United States.<\/p>\n\n\n\n
Economists polled by Reuters had expected the index to rise to a post 55 in July.<\/p>\n\n\n\n
The services sector’s new purchase orders sub-index jumped to a record high of 67.7 in July, from a reading of 61.6 in June. But the employment sub-index fell to 42.1 last month from 43.1 in June.<\/p>\n","protected":false},"excerpt":{"rendered":"
US service sector activity gained momentum in July as new purchase orders rose to a record high but hiring fell, supporting views that the labor market recovery is faltering amid an increase in new COVID-19 cases nationwide. The Institute of Supply Management said on Wednesday that its index of activity outside the manufacturing sector rose …<\/p>\n","protected":false},"author":9,"featured_media":31304,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[7086,7085],"class_list":["post-32383","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-sector","tag-service"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/32383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=32383"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/32383\/revisions"}],"predecessor-version":[{"id":32384,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/32383\/revisions\/32384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31304"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=32383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=32383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=32383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}