- The
Institute for Supply Management 'snon-manufacturing index jumped 11.7 points to 57.1 in June, according to a Monday report. - It's the largest ever single-month jump for the index, and pushes it to a four-month high following two months of contractions. It also exceeded the median economist estimate of a rise to 50.2.
- "Respondents remain concerned about the
coronavirus and the more recent civil unrest; however, they are cautiously optimistic about business conditions and theeconomy as businesses are beginning to reopen," said Anthony Nieves, chair of theISM 's Non-Manufacturing Business Survey Committee, in a statement.
A gauge of US
The Institute for Supply Management's non-manufacturing index spiked a record 11.7 points in June to 57.1, a four-month high following two months of contractions, the organization said Monday. The median economist estimate was for modest rise to 50.2, according to Bloomberg data.
The reading suggest that the economy is recovering from the
"Respondents remain concerned about the coronavirus and the more recent civil unrest; however, they are cautiously optimistic about business conditions and the economy as businesses are beginning to reopen," said Anthony Nieves, chair of the ISM's Non-Manufacturing Business Survey Committee, in a statement.
The
Of the non-manufacturing indexes, 14 reported growth in June while three declined. Agriculture, accommodation and food services, and wholesale trade led the growing sectors, according to the report.
The ISM surveys, like all diffusion indexes, measure breadth of improvement rather than depth, which can make them prone to volatile swings.
"It is difficult to imagine a deterioration in activity below 'lockdown', so the reopening of economies around the country naturally produced a strong reading," Thomas Simons of Jefferies wrote in a Monday note.