What really drove the rebound in service activity in August?

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Summary

A big jump in new orders is behind the gain in the August ISM report for the service sector, lifting the gauge to a six-month high of 52.0. In less uncertain times, jumps in orders are associated with increased demand. Today, it's likely a better reflection of the temporary pull-forward effects around tariffs.

What really drove the rebound in service activity in August?

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