US ISM services index at 3-month high

The US ISM services index rose to a 3-month high of 56.7 in July The US ISM services index rose from 55.3 to 56.7, exceeding all Bloomberg estimates. The increase in business activity and orders was effective in pushing the index to a 3-month high. A value above 50 in the index indicates growth in the sector. Business activity rose to its highest level since the beginning of the year at 59.9, while the new orders index rose to its highest level in 4 months at 59.9. According to other data released today, durable goods orders increased by 2 percent, contrary to expectations of 1.9 percent. The ISM manufacturing index released in the US on Monday had recorded its slowest increase in 2 years due to decreasing orders.