ICYMI: "U.S. economy rebounds as coronavirus cases fade, ISM service sector index soars in October"

Since his first day in office, President Biden has focused on jumpstarting the economy and rebuilding it from the bottom up and the middle out. In recent weeks, new evidence has emerged demonstrating that the President's economic plan is making significant progress.

Yesterday, the Institute for Supply Management (ISM) Services PMI and IHS Markit Ltd Services PMI—key measures of demand for American services—both indicated stronger than expected growth in the services sector in October.

The ISM measure of service activity posted its strongest growth indicator since 1997. These readings show that consumer demand for services is increasing as more Americans become vaccinated and as the Delta wave recedes—supporting jobs, and growing the economy.

Highlights from the MarketWatch article and ISM report:

• The ISM PMI rose nearly 5 percentage points above Wall Street expectations to 66.7. An indicator above 60% is considered "exceptional"
• October marked the 17th straight month of growth for the service sector, and broke growth rate records for the fourth time this year
• All 18 industries that ISM tracks—from retail, to construction, to public administration—expanded in Octoberbr>
• Andrew Hunter, Senior U.S. Economist of Capital Economics, said "Demand is red-hot."