July 7, 2020
U.S. services industry activity as measured by the Institute for Supply Management (ISM) rebounded sharply in June, almost returning to its pre-COVID-19 pandemic levels, Reuters reported. However, a resurgence in coronavirus cases has forced some restaurants and bars to close again and threatens the emerging recovery.
ISM’s 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.
A reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of U.S. economic activity. Economists polled by Reuters had forecast the index increasing to a reading of 48.9 in June.
The report followed the release of ISM’s manufacturing survey last week showing factory activity rebounding to a 14-month high in June.
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Tags: Economy
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