US: August data signalled accelerated upturn in business activity across service sector

"August data signalled an accelerated upturn in business activity across the US service sector," IHS Markit said on Wednesday.

Key highlights:

• The seasonally adjusted IHS Markit U.S. Services Business Activity Index registered 56.0 in August, up from July’s reading of 54.7. 
• The final seasonally adjusted IHS Markit U.S. Composite PMI™ Output Index rose to 55.3 in August, up from July’s reading of 54.6.
• New business received by services companies increased sharply, supported by strong client demand. 
• Sustained growth in new orders placed further pressure on operating capacity, as shown by the level of outstanding business rising for the fourth month running in August. 
• Employment rose at quickest pace for nearly two years.