The Institute for Supply Management’s service sector index jumped to 56.5% in June, a much stronger reading than expected. Economists surveyed by MarketWatch had forecast a reading of 53.4%.
The forward-looking new orders component jumped 5.7 points to 59.9%, and the production index rose to 59.5. Employment increased 3.0 points to 52.7%, signalling expansion. The report shows a “strong rebound” in economic activity, ISM noted.
