WASHINGTON (AP) — U.S. service firms expanded at a surprisingly strong pace in June as companies saw gains in business activity and new orders.
The Institute for Supply Management says that its services index rose to 59.1 last month compared to 58.6 in May. Any reading above 50 signals growth.
The services sector, where most Americans are employed, has now expanded for 101 consecutive months, or more than eight years.
The gain was better than many economists had been expecting and depicts an overall economy that appears to be regaining momentum after a slowdown in the winter.
This article provided by NewsEdge.