Economics
U.S. Services Index Jumps to a Four-Month High on Reopenings
- ISM gauge exceeds estimates, signals resumption of growth
- Recent spike in Covid-19 cases may limit further gains
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A gauge of U.S. service industries jumped to a four-month high in June and showed the resumption of growth as the economy reopened more broadly from pandemic-induced lockdowns.
The Institute for Supply Management said Monday that its non-manufacturing index soared a record 11.7 points to 57.1 last month. Readings above 50 indicate growth, and the June figure exceeded the 50.2 median forecast in a Bloomberg survey of economists.