Activity in the U.S. service sector grew at a faster rate in the month of July, according to a report released by the Institute for Supply Management on Monday, with the index of activity in the sector rising by much more than economists had anticipated.
The ISM said its non-manufacturing index jumped to 56.0 in July from 52.2 in June, with a reading above 50 indicating growth in the service sector. Economists had been expecting the index to show a more modest increase to a reading of 53.0.
With the bigger than expected increase, the non-manufacturing index rose to its highest level since a matching reading in February.
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