July 7, 2016
The latest data points suggest the U.S economy accelerated in the second quarter. Included among the host of strong indicators in June were a surge in new orders and increased head counts at companies within the U.S. services industry.
The Institute for Supply Management’s non-manufacturing index increased 3.6 percentage points to 56.5 last month, the highest reading since November. That suggests expansion is underway within the service sector, which is key since it accounts for roughly two-thirds of the U.S. economy. Other recent positive signs include a bullish manufacturing survey, and improved data on housing and consumer spending.
The activity represents a seven-month high and reflects an underlying economic strength, despite financial market turbulence brought about by uncertainty over Britain’s sudden exit from the European Union.