US ISM non-manufacturing index rose to 57.1 in July, up from 45.4, well above expectation of 49.5. It’s back in expansion region after just two consecutive months of contraction readings. That’s also the highest level since February’s 57.33.
Looking at some details, production rose 25 pts to 66.6. New orders rose 19.7 pts to 61.6. Employment rose 11.3 to 43.1, but remained below 50. Prices rose 6.8 to 62.4.
Anthony Nieves Chair ISM Non-Manufacturing Business Survey Committee also noted, “respondents remain concerned about the coronavirus and the more recent civil unrest; however, they are cautiously optimistic about business conditions and the economy as businesses are beginning to reopen.”