ISTANBUL

Economic activity in the US service sector rose in August for the sixth time this year, according to a report released Thursday by the Institute for Supply Management (ISM).

The ISM's Non-Manufacturing Purchasing Managers' Index (PMI), also known as the ISM services PMI, came in at 51.5%, up 0.1 percentage point from July's figure of 51.4%, in line with market expectations.

A reading above 50 indicates growth and below that shows a contraction.

The market expectation for the index was to come in at 51.3%.

ISM Chair Steve Miller, however, said slow-to-moderate growth was cited across many industries, while ongoing high costs and interest rate pressures are negatively affecting business performance and driving softness in sales.