Workers carry boxes at a Strategic National Stockpile warehouse in an undisclosed location in Oklahoma City on April 7, 2020.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.
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 median economist estimate was for modest rise to 50.2, according to Bloomberg data. "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.
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.
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