The ISM Services PMI increased from 52.7 to 54.5 in August, marking the eighth consecutive month of economic expansion in the US service sector. This result exceeded the market’s forecast of 52.5.

The Employment Index increased from 50.7% to 54.7%, and the Prices Paid Index rose from 56.9% to 58.9%, indicating rising input price pressures.

The rate of growth for the services sector has accelerated, as indicated by increases in all four subindexes that directly contribute to the composite Services PMI and quicker supplier deliveries. The sentiment of Business Survey Committee respondents varies by industry; however, the majority of panellists are optimistic about business and economic conditions, despite a minor slowdown in the services sector’s growth rate.

Market response
The US Dollar Index increased to 105.02, its highest intraday level since March.

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