The Institute for Supply Management’s index of non- manufacturing businesses, which make up almost 90 percent of the economy, rose to 47 — higher than forecast — from 44 in May, according to data from the Tempe, Arizona-based group.
The index was projected to increase to 46, according to the median forecast in a Bloomberg News survey of 64 economists. Estimates ranged from 44 to 48.
The ISM non-manufacturing industries index of employment rose to 43.4 from 39 the prior month, and its gauge of new orders increased to 48.6 from 44.4.
Now don’t be too giddy, my friends. This is just one of many measures we look at to see where things are going.
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