A gauge of US service activity posts is biggest monthly jump since 1997 as the economy reopens

Get the Full StoryThe Institute for Supply Management's non-manufacturing index jumped 11.7 points to 57.1 in June, according to a Monday report.

It's the largest ever single-month jump for the index, and pushes it to a four-month high following two months of contractions. It also exceeded the median economist estimate of a rise to 50.2.

"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," said Anthony Nieves, chair of the ISM's Non-Manufacturing Business Survey Committee, in a statement.

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A gauge of US service activity exploded in June, posting its largest single-month jump ever as the economy reopened.

The Institute for Supply Management's non-manufacturing index spiked a record 11.7 points in June to 57.1, a four-month high following two months of contractions, the organization said Monday. The median economist estimate was for modest rise to 50.2, according to Bloomberg data. See the rest of the story at Business InsiderNOW WATCH: Pathologists debunk 13 coronavirus mythsSee Also:These 6 charts from the June jobs report show how much the economy has recovered and how much further it has to goUS consumer confidence jumps most since 2011 as the economy reopens'We are still in a deep economic hole': 5 economists explain why the June jobs report is weaker than it appears

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