On Monday, the Institute for Supply Management (ISM) said that the US non-manufacturing activity index had sharply bounced back last month, anchoring just a notch shy below its pre-pandemic levels, however, a re-emergence in pandemic cases across a number of densely populated US states had been forcing some businesses to re-close on a temporary basis.
In other respects, the latest leg of the economic data released over the recent weeks had been indicating a strident turnover of US economy from the pandemic induced economic slump. In point of fact, according to the ISM (Institute of Supply Management) service sector activity data released on Monday, the US service sectors accountable for roughly two-thirds of entire US economic activity had climbed to a reading of 57.1 in June, the index’s highest since February, compared to a figure of 45.4 in May that followed a reading of 41.8 in April which had been the index’s lowest level since the ages of Great Financial Depression of 2007-2009.
Nonetheless, an analysts’ poll had forecasted a reading of 48.9 in June for the US service sectors index, however, while the reading had reached nearly its pre-pandemic level by insanely beating Wall St.
estimates, analysts were quoted saying that the vast service sector in the United States had technically broken out of a recession territory.
US economy flares up as service sector index reaches just shy of pre-pandemic level
Aside from that, latest ISM (Institute of Supply Management) service sector data for June comes over the heels of a survey report on ISM Manufacturing sector index released last week that had shown that US factory activity had flared up to a nearly 14-month high last month.
Concomitantly, other economic data released on Monday had also reflected a beacon of hope floodlighting the likely turnaround of the US economy, while the ISM’s survey’s measure of new orders for the US service sectors had jumped to 61.6 last month compared to a reading of 41.9 a month earlier.