A gauge of economic activity across U.S. service industries and other sectors rose in June for the second straight month.
The Institute for Supply Management on Thursday said its nonmanufacturing index—tracking a wide range of U.S. industries such as health care, finance, construction and agriculture—rose to 59.1 in June from 58.6 in May.
Economists surveyed by The Wall Street Journal had expected a June reading of 58.3. A number above 50 indicates expansion while a figure below 50 signals contraction.
The index in January hit 59.9, its highest level since ISM introduced the measure in 2008, before pulling back for three months and then rebounding into the summer.
The details of Thursday’s report were somewhat mixed. An index tracking business activity and production rose to 63.9 in June. The index tracking new orders was up to 63.2 last month. But the employment index declined to 53.6.
The index tracking prices for materials and services was down to 60.7 in June, signaling prices rose for the 28th consecutive month—with some blaming trade disputes for higher costs.
via WSJ
