Activity in U.S. service sector surpasses pre-pandemic record in September
The United States’ services industry activity expanded in September, advancing above a level last seen before the coronavirus crisis ravaged the nation. The jump came amid increases in new orders and employment.
The Institute for Supply Management’s non-manufacturing activity index was read at 57.8 the previous month. The figure came higher than the 56.9 reading in August, surpassing the 57.3 level seen in February. More so, the reading remained above the 50 threshold that separates growth from contraction.
As it defied analysts’ forecast for a 56.0 decline, it also matched expectations for a historic rebound in the third quarter. The boost came after gross domestic product (GDP) reached its worst level in the second quarter. In addition to this, the economy was supported by large volumes of fiscal stimulus from the government.