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July 07, 2005
More Evidence Of The Soft Patch's Demise
Maybe premature, but the Institute for Supply Management's report on service sector business activity in June follows up on last news positive report for the manufacturing sector. From Bloomberg:
A gauge of growth at U.S. services companies, the largest part of the economy, rose more than forecast in June, while hiring accelerated.
The Institute for Supply Management said today its index for non-manufacturing companies, including financial services and retailers, increased to 62.2 last month from 58.5 in May. Services account for about two-thirds of gross domestic product. Figures greater than 50 show expansion.
The non-manufacturing gauge is close to the 62.4 average for all of last year, when economic growth of 4.4 percent was the fastest since 1999. The group's hiring gauge increased to a four-month high...
Some economists say the ISM employment gauges may be a harbinger for the government's monthly employment report, which is scheduled to be released on July 8, economists said. The group's index of manufacturing employment rose to 49.9 for June, from 48.8.
Tomorrow we know for sure.
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