Business activity in US grows at highest rate in 26 months

ISTANBUL

Business activity in the US grew in June at the highest rate in 26 months, global data provider S&P Global said Friday in a report.

The US Services Business Activity Index climbed to 55.1 in June, from 54.8 in May, according to the company's flash estimates.

The index, which measures the activity level in the services sector, also came in much higher than market expectations of 53.4.

"US business activity growth accelerated to its fastest for 26 months in June, according to provisional PMI survey data from S&P Global, signalling a strong end to the second quarter," said the report.

"Services activity has now risen for 17 straight months, recovering strongly in the year to date after the near-stalled picture seen in late 2023, buoyed by rising demand," it added.

The company said future prospects brightened in the service sector in June to reach a five-month high.