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According to analysts from Wells Fargo, the rise recorded in the ISM Non-Manufacturing index released today is consistent with a solid rebound during the second quarter.  

Key Quotes:  

“Activity outside the factory sector expanded at a solid clip in June, with the ISM non-manufacturing index rising to 59.1. The economy-weighted average of the two ISM surveys rose to 59.2. That supports our call that GDP growth roared back in Q2 after what was only a temporary slowdown in the first quarter.”

“Current business activity strengthened, while a pickup in new orders points to growth remaining solid over the near term.”

“The employment index edged down to 53.6, consistent with our call for payroll growth to have moderated in June. We anticipate a rise of 185,000 jobs in tomorrow’s employment report versus 223,000 jobs in May.“