by Calculated Risk on 9/03/2020 10:06:00 AM

The August ISM Services index was at 56.9%, down from 58.1% in June. The employment index increased to 47.9%, from 42.1%. Note: Above 50 indicates expansion, below 50 contraction.

From the Institute for Supply Management: Services PMI™ at 56.9%; August 2020 Services ISM® Report On Business®

Business Activity Index at 62.4%; New Orders Index at 56.8%; Employment Index at 47.9%; Supplier Deliveries Index at 60.5%

Economic activity in the services sector grew in August for the third month in a row, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®.

The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "The Services PMI™ (formerly the Non-Manufacturing NMI®) registered 56.9 percent, 1.2 percentage points lower than the July reading of 58.1 percent. This reading represents growth in the services sector for the third straight month and the 125th time in the last 127 months, with the exception of April's and May's contraction.
emphasis added

The employment index showed ongoing weakness with the sixth consecutive reading below 50.