US Services Sector Picks Up as Supply and Price Pressures Ease

Edwin Lopez sorts the money in the cash register at Frankie's Pizza in Miami on Jan. 12, 2022. Joe Raedle/Getty Images

The U.S. services industry picked up in July as new manufacturing orders saw steady increases with 26 consecutive months of expansion, according to the Institute for Supply Management (ISM) survey released on Aug. 4.

The survey comes after the Commerce Department reported that the U.S. economy contracted by 1.3 percent in the first half of 2022, confirming that the country is in a recession after two consecutive quarters of negative growth.