inflasion

Surprising Strength in U.S. Services Sector Points to Persistent Inflation Pressures

In August, the U.S. services sector unexpectedly strengthened, showing an increase in new orders and higher input costs, which could indicate lingering inflation pressures. The Institute for Supply Management (ISM) reported a Non-Manufacturing PMI of 54.5, marking its highest level since February and a notable increase from July's 52.7. A reading above 50 suggests growth in the services industry, a significant part of the economy. Economists had predicted a drop to 52.5, with none expecting a reading above 53.9.