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‘The global tariff war...has driven the cost of goods higher,’ one business owner says
WASHINGTON—A widely-watched gauge of service-sector activity grew robustly last month, but some business owners in the sector, which typically isn’t impacted heavily by commodity prices, appear to be feeling the heat from recent tariffs and rising input costs.
Industry group Institute for Supply Management said Thursday its index of nonmanufacturing activity rose to 58.5 in August from 55.7 in July. A number above 50 indicates expansion, while a figure below 50 signals contraction.