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Data released on Monday showed better-than-expected numbers from the service sector. Though the survey came before the recent jump in virus case counts, the non-manufacturing index signaled a sharp rebound in June, explained analysts at Wells Fargo.

Key Quotes: 

“The activity index hit a 15-year high. Low base effects help and it is a tough road ahead.”

“The ISM non-manufacturing index rose to 57.1 in June—a much larger rise than had been expected—bringing the index close to where it was before the crisis. While the survey was conducted before the latest flare-up in case counts, the service sector was coming back online in a remarkable fashion.”

“There are signs that the worst of the impact from the virus and related lockdowns is fading. Supplier deliveries fell almost 10 points and orders picked up meaningfully to 61.6, even order backlogs moved into expansion territory