Hotels, restaurants and other businesses that provide services have managed to keep gaining ground through summer 2022, according to the latest survey from the Institute for Supply Management. The sector has been expanding since May, and August's gain was the biggest so far this year.
For example, prices paid by purchasing managers have been falling since April. In August, prices hit their lowest point of the year. “I think you’ve still got some pent-up revenge travel, if you will, of people trying to make up. You’ve still got excess savings that have not been worked off. And you’ve also got a really strong labor market,” Oberg said.
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