US business activity increases in June to highest level in 26 months
Date
6/23/2024 5:35:11 AM
(MENAFN) According to a report by global data provider S&P Global released on Friday, business activity in the United States surged in June to its highest level in 26 months. The US Services Business Activity Index, based on flash estimates, rose to 55.1 from 54.8 in May. This index, which serves as a gauge for the level of activity in the services sector, surpassed market expectations significantly, as analysts had anticipated a reading of 53.4.
The report highlighted that the acceleration in business activity growth marks a robust conclusion to the second quarter of the year. S&P Global's provisional PMI survey data indicated that US services activity has maintained an upward trajectory for 17 consecutive months. This recovery trend in 2024 contrasts starkly with the stagnant conditions observed in late 2023, bolstered notably by increased demand across various service industries.
The data provider emphasized that prospects for the future have brightened within the service sector as well, reaching a five-month peak in June. This optimistic outlook suggests a potentially sustained momentum in economic expansion as businesses gear up to meet growing consumer and business demands. The buoyant performance of the services sector underscores its critical role in driving overall economic growth, contributing significantly to the broader recovery and resilience of the US economy amidst ongoing global economic uncertainties.
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