Economic Report: June swoon? No way. Most American businesses grew faster, ISM gauge shows

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The U.S. economy is bringing smiles to the faces of lots of Americans.

The numbers: Most American companies saw a pickup in business in June, reflecting a surge in growth in the spring that pushed the U.S. economy to fresh heights.

The Institute for Supply Management’s survey of service-oriented companies such as hospitals, retailers and restaurants rose to 59.1% from 58.6% in the prior month. Service companies employ the vast majority of American workers.

Numbers over 50% are viewed as positive for the economy. Anything over 55% is considered exceptional.

Strong growth doesn’t come without its own problems, though. Growing shortages of freight to haul goods and skilled labor is pushing prices and thus inflation higher.

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