Economic activity in the US nonmanufacturing sector accelerated in July to an all-time high. The Institute for Supply Management’s nonmanufacturing composite index reached 60.3, since the start of the composite index in 2008.

The reading exceeded the median forecast of economists surveyed by Bloomberg, which called for a level of 56.2, with estimates ranging from 54 to 58. It marked the biggest positive surprise in the gauge since February 2012.

The employment portion of the index also jumped to a reading of 59.6 in July from June’s reading of 52.7. This represents the highest reading since August 2005 when the index registered 60.2.