After reporting a substantial turnaround in U.S. service sector activity in the previous month, the Institute for Supply Management released a report on Wednesday showing the pace of growth in the sector unexpectedly accelerated in the month of July.
The ISM said its non-manufacturing index inched up to 58.1 in July after spiking to 57.1 in June, with a reading above 50 indicating growth in service sector activity. Economists had expected the index to drop to 55.0.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.