US ISM services index reaches 10-year high in July

The Institute for Supply Management said its index services surged to a 10-year high in July.

Figures released on Wednesday, showed the index rose to 60.3% from a 56% reading in the previous month, comfortably ahead of analysts’ expectations for a 56.5% reading.

The business activity and new order sub-indices both came in at over 60%, while the employment index climbed 6.9 percentage points to 59.6%.