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US services PMI rises to 17-month high in August

US services PMI rises to 17-month high in August

After the improvement in the manufacturing sector, the services PMI figures released on Thursday showed a rise to the highest level in 17 months in August, providing vivid signs of recovery.

The final services PMI came in at 55.0 last month, compared to both preliminary and predicted readings of 54.8, while July’s reading was 50.0.

The progress in sector was uplifted by the increase in new orders, and as companies raised their staffing levels.

The manufacturing PMI rose to 56.0 last month, the highest level in nearly two years, from 54.2 in July.

Another report from the U.S. signaled that initial claims soared 881,000 last week, coming below expectations, marking the lowest rise since the pandemic started.

As of 14:28 GMT, the dollar index continued to trade higher for a fourth straight session at 92.82, where it hit the highest level today at 93.06.

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