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<ul class="summary-list"><li>The <keyword id="105460" type="ORGANIZATION" weightage="60" keywordseo="Institute-for-Supply-Management">Institute for Supply Management</keyword>'s services gauge hit a record high in March as the country reopened.</li><li>Services count for 70% of US output, meaning the March rebound underscores a strong recovery.</li><li>The headline index rose to 63.7 from 55.3, beating all economist forecasts.</li></ul>After the freeze, comes the thaw. For the US <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, the pandemic era stopped the all-important <keyword id="175647" type="PERSON" weightage="60" keywordseo="service-sector">service sector</keyword> in its tracks. Now a spring thaw is emerging in more ways than one.The Institute for Supply Management's index of service businesses rose to 63.7 last month from 55.3, according to a Monday <a href="https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/march/">release</a>. The level surpasses the previous record set in October 2018 and implies the fastest rate of expansion since data collection began in 1997. The reading also beat all estimates from economists surveyed by Bloomberg.Readings above 50 indicate industry expansion, while those below the threshold signal contraction.The institute's measure of business activity and production gained to 69.4 from 55.5 throughout last month. New orders rose 15.3 points to 67.2, underscoring a healthy pickup in consumer demand. A gauge of service-sector prices gained to 74 from 71.8, hinting that reopening and fresh stimulus will fuel stronger inflation.The data affirms hopes that reopening will quickly revive the economy. Service businesses account for roughly 70% of US gross domestic product, meaning a full rebound from the coronavirus recession hinges on how such firms recover in the coming months."Looking ahead, services sector growth is poised to accelerate in the spring and summer," Oren Klachkin, lead US economist at Oxford Economics, said. "The health situation overall is now much better since late-2020, and expanding vaccine eligibility will allow badly damaged services, namely leisure and hospitality, to reopen."The rebound was also broad-based. All 18 of the service sectors tracked by ISM grew in March. The improvement follows a surprise decline in February linked to harsh winter storms. ISM's headline index indicated growth throughout the winter, but the season's surge in virus cases and subsequent restrictions blocked a swifter recovery.Businesses responding to the organization's survey indicate that relaxing lockdown measures "released pent-up demand" throughout the industry, <keyword id="285056" type="PERSON" weightage="60" keywordseo="Anthony-Nieves">Anthony Nieves</keyword>, chair of ISM, said in a statement. That demand now represents the biggest constraint on businesses; production-capacity limits, material shortages, and logistics challenges are all contributing to supply chain disruptions, Nieves added.The report caps a month of largely encouraging data releases. Manufacturers <a href="https://www.businessinsider.com/factory-production-output-february-manufacturing-sector-winter-storms-economic-recovery-2021-3">also enjoyed strong growth</a>, albeit at a slower rate than seen in previous months. Consumer sentiment reached one-year highs. And perhaps most importantly, jobs data published on Friday <a href="https://www.businessinsider.com/march-jobs-report-916000-payrolls-unemployment-rate-economic-recovery-infrastructure-2021-4">showed 916,000 payrolls added</a> throughout March. The reading handily exceeded the median economist estimate.ISM's report suggests the labor market's rebound will continue into the summer. The institute's employment gauge rose to 57.2 in March from 52.7, with nearly one-quarter of businesses saying they took on more workers.One respondent noted it rehired all of its temporarily laid-off workers and made new hires. Another cited strong demand at new locations as the reason it hired more employees.The US economy saw bouts of on-and-off recovery throughout the pandemic. Now, as vaccination picks up and businesses reopen, the green shoots of spring are abounding.

The backbone of the US economy roared back to life at record speed in March

<ul class="summary-list"><li>The <keyword id="105460" type="ORGANIZATION" weightage="60" keywordseo="Institute-for-Supply-Management">Institute for Supply Management</keyword>'s <keyword id="2288210" type="PERSON" weightage="60" keywordseo="non-manufacturing">non-manufacturing</keyword> index jumped 11.7 points to 57.1 in June, <a href="https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?SSO=1">according to a Monday report</a>.</li><li>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. </li><li>"Respondents remain concerned about the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> and the more recent civil unrest; however, they are cautiously optimistic about business conditions and the <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> as businesses are beginning to reopen," said Anthony Nieves, chair of the <keyword id="90179" type="ORGANIZATION" weightage="60" keywordseo="ISM">ISM</keyword>'s Non-Manufacturing Business Survey Committee, in a statement.</li></ul>A gauge of US <keyword id="6359391" type="UNKNOWN" weightage="60" keywordseo="service">service</keyword> activity exploded in June, posting its largest single-month jump ever as the economy reopened. 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, <a href="https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?SSO=1">the organization said Monday</a>. 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 <keyword id="8829783" type="UNKNOWN" weightage="60" keywordseo="coronavirus-pandemic">coronavirus pandemic</keyword> recession as states move forward with reopening plans — a number above 50 signals growth, while one below it signals a contraction. Still, growing coronavirus cases in some states threaten the trajectory of the recovery going forward. "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.Read more: <a href="https://www.businessinsider.com/tech-stocks-to-buy-cloud-picks-top-analyst-brent-bracelin-2020-7">The most accurate tech analyst on Wall Street says these 6 stocks have potential for huge gains as they transform the sector</a>The <keyword id="183395" type="PERSON" weightage="60" keywordseo="business-activity">Business Activity</keyword> Index jumped 25 points to 66 in June, and the New Orders Index rose 19.7 points to 61.6 at the same time. The Employment Index increased 11.3 points to 43.1, according to the report. A year ago, the employment index was at 55.2, showing that the coronavirus crisis continues to weigh on the labor market. 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.

A gauge of US service activity posts is biggest monthly jump since 1997 as the economy reopens

<ul class="summary-list"><li>The US <keyword id="34611" type="PERSON" weightage="60" keywordseo="services-sector">services sector</keyword> plummeted into contraction territory in April for the first time since the financial crisis, the <keyword id="105460" type="ORGANIZATION" weightage="60" keywordseo="Institute-for-Supply-Management">Institute for Supply Management</keyword> <a href="https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?SSO=1">announced</a> Tuesday.</li><li>The association's non-manufacturing index plunged to 41.8 from March's 52.5 reading, pushing the sharp decline into its second-straight month. Any reading below 50 indicates the sector is shrinking.</li><li>April's drop ended a 122-month expansionary streak for the metric and was its lowest reading since March 2009.</li><li>Surveyed businesses cited supply chain disruptions, a lack of operational capacity, and financial tightening for their weakened activity, Anthony Nieves, chair of <keyword id="90179" type="ORGANIZATION" weightage="60" keywordseo="ISM">ISM</keyword>, said in the report.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The US <keyword id="16056" type="PERSON" weightage="60" keywordseo="Services">services</keyword> sector slid into contraction territory in April as the coronavirus pandemic halted economic activity, the Institute for Supply Management <a href="https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?SSO=1">announced</a> Tuesday.The institute's non-manufacturing index plunged to 41.8 from 52.5 in March, extending the sharp downtrend into its second month. The metric fell 4.8 percentage points last month as the coronavirus began slamming businesses throughout the country.April's reading was the index's lowest since March 2009, when it plummeted to 40 in the wake of the financial crisis. Any reading below 50 indicates the sector is shrinking. The lower the reading, the sharper the contraction.The index's April slump dragged it under the key threshold for the first time since December 2009 and ended a 122-month expansionary streak for the sector.Read more: <a href="https://www.businessinsider.com/investing-advice-buy-like-warren-buffett-strategy-tips-3-questions-2020-5">Award-winning fund manager Randall Dishmon says the way to win at investing is to think like a Warren Buffett-style acquirer. Here are the 3 questions he always asks before buying a stock.</a>The decline was primarily driven by supply disruptions for firms already struggling through the shutdown's early stages, Anthony Nieves, chair of ISM, said in the Tuesday report."Respondents are concerned about the continuing coronavirus impacts on the supply chain, operational capacity, human resources and finances, as well as the uncertain timelines for the resumption of business and a return to normality," he added.Business activity slid to 26% from 48% in March. The latest reading is the metric's lowest since data collection began in 1997. New orders tanked 20 percentage points to 32.9% through the month.ISM's employment index tumbled to 30% from 47% amid mass layoffs. Jobless claim data published Thursday showed <a href="https://www.businessinsider.com/us-weekly-jobless-claims-unemployment-filings-labor-market-recession-coronavirus-2020-4">another 3.8 million Americans filing for unemployment benefits</a> in the week ended April 25. The metric's six-week total now sits above 30 million.Public administration along with <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> and insurance were the only two industries to report growth in April, according to ISM, while 16 industries including real estate, utilities, entertainment, and information all declined.Though ISM's latest report highlights dire conditions for what makes up two-thirds of the US <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword>, gradual reopenings throughout the country are driving new hope for a swift recovery. About half of the states have begun to reboot their economies after weeks of near-complete shutdown. Health experts warn a premature reopening could drive a second wave of COVID-19 infections and push a full recovery well into 2021.Read the original article on <a href="https://www.businessinsider.com/us-services-sector-economy-contraction-territory-april-coronavirus-risk-index-2020-5">Business Insider</a>

The US services sector fell into contraction territory for the first time since the financial crisis in April, ending a 122-month expansion

<ul class="summary-list"><li>The US <keyword id="60380" type="PERSON" weightage="60" keywordseo="Service-industry">service industry</keyword>, easily the biggest component of the nation's <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword>, slowed its decline and inched toward growth in May, according to the <keyword id="105460" type="ORGANIZATION" weightage="60" keywordseo="Institute-for-Supply-Management">Institute for Supply Management</keyword>'s latest <a href="https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?SSO=1">report</a>.</li><li>The organization's non-manufacturing index climbed to 45.4 in May from 41.8. Its new orders index rose 9 percentage points to 41.9, and an index for business activity gained 15 percentage points to 41.</li><li>While readings below 50 still represent industry contraction, the May report suggests service sectors are stabilizing alongside economic reopenings.</li><li>The Wednesday release follows ISM's manufacturing report published Monday, which showed factory activity <a href="https://www.businessinsider.com/economic-outlook-ism-pmi-manufacturing-industry-stabilizing-may-coronavirus-recession-2020-6">similarly stabilizing through the month</a>.</li></ul>The biggest part of the US economy is slowly inching its way back to growth after plummeting amid <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> lockdowns.The Institute for Supply Management <a href="https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?SSO=1">announced</a> Wednesday its non-manufacturing index climbed to 45.4 in May from 41.8. The organization's new orders index jumped 9 percentage points to 41.9, and its index for business activity gained 15 percentage points to 41.Any reading below 50 represents contraction throughout the industry, while a reading above the threshold indicates growth. Despite its upward trend, May's report ushered in the second month of service-industry shrinkage following a 122-month growth period.Read more: <a href="https://www.businessinsider.com/how-to-invest-us-economy-reopening-market-strategy-from-glenmede-2020-6">A $40 billion wealth-management firm says the US economy is only 19% recovered from the pandemic — and lays out a winning investing strategy in the wake of a massive stock-market rally.</a>Of the 28 services sectors tracked by ISM, 14 reported a decrease in May, including the educational services, wholesale trade, and utilities sectors. The four reporting growth through the month were agriculture and forestry, <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> and insurance, public administration, and information."Respondents remain concerned about the ongoing impact of the coronavirus. Additionally, many of the respondents' respective companies are hoping and/or planning for a resumption of business," Anthony Nieves, ISM's Non-Manufacturing Business Survey Committee chair, said in the report.Despite the broadly optimistic report, ISM's index for service industry employment increased only 1.8 percentage points to 31.8. The reading signals lasting pain in business hiring through relaxed lockdowns. Friday's jobs report will further detail May hiring trends and is expected to peg the unemployment rate at roughly 20%.While the second quarter is expected to bear the brunt of the coronavirus' economic toll, ISM's latest reports suggest April may serve as the nation's trough before recovering. A separate report from the organization released Monday showed its manufacturing sector index <a href="https://www.businessinsider.com/economic-outlook-ism-pmi-manufacturing-industry-stabilizing-may-coronavirus-recession-2020-6">gaining to 43.1 in May from 41.5</a>, a similar turn higher from a sharp decline.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-exchange-nasdaq-debut-risks-new-confusion-zoom-video-2020-6-1029277574">ZoomInfo is set to join the Nasdaq exchange, risking new confusion among investors trading other Zoom-named stocks</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-index-reaction-jobs-report-economic-reopening-2020-6-1029277044">Dow soars 350 points as economic-reopening optimism continues to outweigh civil unrest</a><a href="https://www.businessinsider.com/stock-market-investing-what-to-buy-bank-of-america-indicator-2020-6">A proprietary Bank of America indicator points to 20%-plus gains in the stock market over the next year. Here's what the firm recommends buying now ahead of the rally.</a>

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The backbone of the US economy roared back to life at record speed in March

Ben Winck

A gauge of US service activity posts is biggest monthly jump since 1997 as the economy reopens

Carmen Reinicke

The US services sector fell into contraction territory for the first time since the financial crisis in April, ending a 122-month expansion

Ben Winck

US service industry creeps toward growth as lockdowns ease, ISM report shows

Ben Winck

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