U.S. services industry activity picked up in September, exceeding a level that prevailed before the COVID-19 lockdowns dealt the economy a colossal blow, with employment in services finally rounding the bend into expansion territory after six consecutive months in contraction.
The Institute for Supply Management (ISM) said on Oct. 5 that its non-manufacturing activity index rose to a reading of 57.8 last month from 56.9 in August. In February, before businesses were shuttered and lockdowns imposed to curb the spread of the CCP (Chinese Communist Party) virus, that index stood at 57.3. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of U.S. economic activity.
