WASHINGTON (AP) - U.S. services companies grew at a faster pace in August as business activity and new orders rebounded.
The Institute for Supply Management says that its services index rose to 58.5 last month from 55.7 in July. Readings above 50 signal an expanding economy.
The services sector, where most Americans are employed, has now grown for 103 straight months, or more than eight years.
The index was boosted by monthly increases in business activity and new orders, both of which had cooled in July. The employment component of the index improved last month.