U.S. services industry activity picked up in September, pulling above a level that prevailed before the COVID-19 pandemic struck the nation, amid increases in new orders and employment.
The Institute for Supply Management said on Monday its non-manufacturing activity index rose to a reading of 57.8 last month from 56.9 in August. That put the index just above its 57.3 level in February.
The improvement in services industry activity fits in with expectations for a record rebound in economic growth in the third quarter after a historic plunge in gross domestic product in the April-June period. The economy got a boost over the summer from fiscal stimulus.
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