[The U.S. service industry grew at the fastest pace in half a year in August, and price indicators rose to a four-year high] September 3rd, the U.S. service industry expanded at the fastest rate in six months in August, benefiting from strong demand and a rebound in business activity. Data released by the Institute for Supply Management (ISM) on Thursday showed that the services index rose 1.3 points to 55.4 in August, the highest level since February and higher than the median forecast of economists. An index above 50 means the industry is expanding. New order growth accelerated to the highest level since early 2023, and business activity indicators rose to the strongest level since 2022. Backlog expanded for the seventh consecutive month. The U.S. services sector has benefited from resilient consumer spending, a stable job market and solid business investment. However, companies still have to deal with supply chain disruptions, tariffs and rising cost pressures across the economy. The ISM's measure of prices for materials and services in the services sector rose to 72.6 in August, the highest level since mid-2022. The ISM employment gauge has shown contraction in five of the past six months. A measure of supplier delivery times remained in expansionary territory but fell to its lowest level in nearly a year, which could indicate supply bottlenecks are gradually easing.