The ISM Non-manufacturing report on business shows that the services sector of the economy is booming. In July, the ISM services index hit its highest level since 2005 and its 4th highest level on record. Among the sub-components, business activity, new orders, and employment were all strong. About 80% of U.S. economic output comes from the services sector.
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Jeremy Jones, CFA is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Jeremy is a contributing editor of youngresearch.com.