The Institute for Supply Management said on Monday its non-manufacturing activity index jumped to a reading of 57.1 last month, the highest since February, from 45.4 in May. It has bounced back from a reading of 41.8 in April, which was the lowest since March 2009.
The report followed the ISM’s manufacturing survey last week showing factory activity rebounding to a 14-month high in June. The upbeat surveys, however, have been overshadowed by raging COVID-19 cases in large parts of the country, including the densely populated California, Florida and Texas. The ISM survey’s measure of new orders for the services industry increased to a reading of 61.6 in June from 41.9 in the prior month. There was an increase in export orders, and order backlogs swelled.
Source: News Formal (newsformal.com)
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