A gauge of U.S. service 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, the organization said Monday. The median economist estimate was for modest rise to 50.2.
The reading suggests that the stateside economy is recovering from the coronavirus pandemic 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.
