WASHINGTON (Pakistan Point News / Sputnik - 06th July, 2020) US non-manufacturing economic activity saw a record rebound in June after two consecutive months of contraction caused by measures implemented to curb the novel coronavirus pandemic, the Institute for Supply Management (ISM) said in a statement on Monday.
"This is the largest single-month percentage-point increase in the NMI [Non-Manufacturing Index] since its debut in 1997," the statement said citing a reading of 57.1 percent for the NMI.
The June NMI was 11.7 percentage points higher than the reading for May, which came in at 45.4 percent. In April, the index suffered its biggest one-month decrease, a 10.7-percent drop.
Prior to these three months, which came on the back of the novel coronavirus breakout, the NMI expanded for 122 straight months, the statement said.
The US economy shrank 5 percent in the first three months of 2020 for its sharpest decline since the Great Recession of 2008.
