The latest report by IHS Markit revealed on Monday the seasonally adjusted final IHS Markit U.S. Services Business Activity Index (PMI) stood at 53.0 in July, up from 51.5 in June and up from the earlier released “flash” figure of 52.2.

The reading signaled the fastest business activity expansion across the U.S. service sector since April.

Economists had forecast the index to stay unrevised at 52.2.

According to the report, new orders received by service providers increased at the fastest rate since March and new business from abroad grew at the strongest pace for five months. Meanwhile, the rate of job creation was only moderate overall, and inflationary pressures were historically subdued, with rates of both input price and output charge inflation easing.