It looks like at least one part of the U.S. economy is in high gear: According to data released yesterday by the Institute for Supply Management, the service sector in July expanded at its fastest rate since the recession. The ISM’s non-manufacturing index is now at its highest point since August 2005.
Many of the underlying measures are at long-time highs. The gauge of service-industry orders climbed to the highest level since August 2005; the share of services companies boosting employment was the highest since ISM began keeping these records in 1997.
This is in strong contrast to the manufacturers’ side of the equation. The ISM’s factory index dropped in July to a three-month low of 52.7. The difference between the ISM’s non-manufacturing gauge and the factory index is now the biggest it's been since January 2009.
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