The U.S. service sector expanded at the same pace in August as in July, a trade group said Thursday. But the latest reading was higher than analysts were expecting.
The Institute for Supply Management said its index measuring change in the non-manufacturing sector registered 55.8 in August, the same as in July.
But it was higher than the reading of 54 analysts were expecting.
The services sector accounts for 80 percent of U.S. economic activity and spans diverse industries including restaurants, banking, construction, agriculture and travel.
A reading above 50 indicates economic expansion and below 50 indicates contraction.