Service sector grew in July at fastest pace in six months

The index is a survey of a wide variety of businesses — the sector employs 90 percent of all workers, including those at restaurants, hotels and retailers.

{mosads}Despite some stronger numbers in the ISM’s monthly report, employment grew at a slower pace, falling to 53.2 from 54.7.

The figures reflect the slower-than-expected job growth of 162,000 in July, according to Friday’s government report.

Business activity registered 60.4, up 8.7 points from the 51.7 percent registered in June, the highest reading since December 2012. 

One respondent said: “Large projects starting” and “Volumes are slightly higher, mostly due to housing.”

New orders grew to 57.7, up 6.9 points from the 50.8 registered in June, the 48th consecutive month of growth.