WASHINGTON, July 6 — The US services sector grew in June after the coronavirus pandemic caused its steepest-ever contraction the month prior, an industry survey said today. The Institute for Supply Management’s (ISM) non-manufacturing index was at 57.1 per cent in June, well above expectations...
People eat in outdoor seating outside a restaurant before the city starts phase two of reopening after the lockdown due to the coronavirus disease, in the Manhattan borough of New York City, June 21, 2020. — Reuters pic
The Institute for Supply Management’s non-manufacturing index was at 57.1 per cent in June, well above expectations and an increase of 11.7 percentage points from May — the biggest one-month jump ever.The index’s reading of 45.4 per cent in May was down 10.
New orders were up nearly 20 points at 61.6 per cent, business activity was up a quarter to 66 per cent while employment jumped 11.3 points to 43.1 per cent, though that indicator remained in contraction. Of the 17 industries surveyed, only three did not report growth in June, according to ISM. Many survey respondents cited moves to ease the business lockdowns as beneficial, but noted things are not back to normal yet.
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