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

The numbers: Restaurants and other service-oriented companies saw business grow rapidly in October as coronavirus cases fell nationwide, showing the U.S. economy is speeding up again even in the face of persistent labor and supply shortages.

An index of activity based on a survey of business executives jumped to a record 66.7% from 61.9% in September, the Institute for Supply Management said Wednesday. Any reading above 50% signals expansion and numbers above 60% are exceptional.

The…

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