The ISM Non-Manufacturing Index rose to its highest level in close to four years, indicating that the economic recovery, which had been mostly confined to manufacturing, is now starting to gain traction in the much broader-based service sector. And subcomponents within the index suggest that further gains are on tap.
Looking at the chart above, the tepid and uncertain expansion experienced during the fall of 2009 has given way to a more balanced recovery.
Job growth remains weak and setbacks following the rise in March are likely, but continued economic growth should eventually make a modest dent in the unemployment rate.
Still , a quick fix to the high level of joblessness is unlikely.
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