US: ISM Non-Manufacturing PMI improves to 58.5 in August vs. 56.8 expected

"The NMI registered 58.5 percent, which is 2.8 percentage points higher than the July reading of 55.7 percent," the ISM reported on Thursday.

Key quotes

• The Non-Manufacturing Business Activity Index increased to 60.7 percent, 4.2 percentage points higher than the July reading of 56.5 percent, reflecting growth for the 109th consecutive month, at a faster rate in August.
• The New Orders Index registered 60.4 percent, 3.4 percentage points higher than the reading of 57 percent in July.
• The Employment Index increased 0.6 percentage point in August to 56.7 percent from the July reading of 56.1 percent.
• The Prices Index decreased by 0.6 percentage point from the July reading of 63.4 percent to 62.8 percent, indicating that prices increased in August for the 30th consecutive month.