The ISM non-manufacturing (aka ISM Services) index continues its growth cycle and improved. Markit PMI Services Index again declined but remains in growth territory.

Analyst Opinion of the ISM and Markit Services Survey

Both services surveys are in expansion – and their intensity of growth and general trends are different this month.

From Nasdaq / Econoday:

From Markit:

Service sector activity growth eases, amid weaker new business upturn

• Output and new business expand at softer rates in August
• Employment growth eases to seven-month low
• Inflationary pressures ease
• The latest survey data signalled a weaker rise in business activity across the U.S. service sector. Output growth softened to a four-month low and dipped below the long-run series trend. The rate of new business growth softened to an eight-month low, despite remaining strong overall. Subsequently, firms showed evidence of spare capacity with backlogs falling further and employment growth slowing to a seven-month low. Meanwhile, increases in input prices and output charges eased, despite the rate of charge inflation remaining well above the series trend.
• The seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 54.8 in August, down from 56.0 in July. Output growth was largely attributed by panellists to greater client demand and the opening of new facilities. However, the overall rate of growth eased to the softest since April.

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From the ISM Services report: