US Service Sector Slowed in August, Below Expectations

The U.S. non-manufacturing sector grew in August for an eighth straight month but at a slower pace than July and at a rate that was below expectations.

German retail sales bounced back for the second month, but not enough to prevent the aggregate eurozone sales from falling for the eighth consecutive month. Summary of June findings:

As easily predicted, at least in this corner, the Markit Flash Eurozone PMI® shows Downturn in Eurozone economy extends into seventh month. Key Points

Frederic Ruffy submits: SentimentMajor averages are modestly higher with help from positive economic numbers Friday. After Asia’s markets rallied around better-than-expected Chinese manufacturing numbers Friday, the focus in the US turned to a report on personal incomes and spending early Friday. It showed increases of .5 percent incomes and .4 percent in spending for August. Economists were looking for .3 percent increases in both.

[AP] - A trade group says the U.S. service sector, which provides most of jobs in the country, expanded for the eighth straight month in August, but the pace of growth slowed.

Housing inventories rose in many U.S. cities for the eighth straight month in August in a sign of the continued headwinds facing a soft housing market.