Even with the supply chain disruptions and labor shortages the pent-up demand has kept things going gang-busters, said Anthony Nieves, chairman of the institute s services survey committee.
But he cautioned that the labor and supply-chain problems and rising inflation likely will continue to present challenges for the rest of this year.
There are hints that hiring obstacles may be lessening some. The employment index rose to 53.8 indicating growth after contracting in the month before.
Order backlogs which rose to a record in June remain elevated and inventories contracted for a second-straight month, indicating demand continues to outstrip supply.
Market Report
Stocks retreat on concerns about jobs recovery
by
DAMIAN J. TROISE AND ALEX VEIGA THE ASSOCIATED PRESS
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FILE - In this Nov. 5, 2020 file photo, a sign for Wall Street is carved in the side of a building, in New York. Stocks are opening mostly lower on Wall Street Wednesday, Aug. 4, 2021, led by declines in banks and energy companies. (AP Photo/Mark Lennihan, File)
Stocks gave back some of their recent gains Wednesday after a disappointing jobs report stoked worry about the strength of the economic recovery as a highly contagious variant of the coronavirus spreads.
CANBERA (dpa-AFX) - The U.S. dollar was higher against its major counterparts in the Asian session on Thursday, as hawkish comments from Federal Reserve Vice Chairman Richard Clarida cemented expectations
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