US services ISM rises past forecasts in August

Activity in the US services sector picked up the pace last month, the results of a closely-followed survey revealed.

The Institute for Supply Management's services sector Purchasing Managers' Index advanced from a reading of 54.2 for July to 56.0 in August.

Consensus had been for a smaller improvement to 54.4.

A key sub-index tracking companies' new orders jumped from 61.5 to 67.6, while another linked to order backlogs increased from 51.8 to 54.6.

The sub-index tied to staffing levels on the other hand remained beneath the 50.0-point mark which denotes an expansion, rising from 44.3 to 46.4.

Price pressures also picked up, with that sub-index gaining from 53.2 to 59.5.