A top economic indicator shows the US recovery continuing through August and the services sector expanding for the first time this year.
IHS Markit's Composite Purchasing Managers' Output Index jumped to 54.7 this month from 50.3, according to preliminary data released Friday. The reading marks an 18-month high as both manufacturers and services providers continued to rebound from their first-quarter lows.The firm's Services Business Activity Index climbed into growth territory for the first time in 2020, gaining to 54.8 from 50.
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