Economics
Services Gains Show Companies Confident in Outlook: Economy
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Service industries in the U.S. expanded at a faster pace in May as a pickup in orders showed companies are confident demand will be sustained after a second-quarter slowdown.
The Institute for Supply Management’s non-manufacturing index climbed to 53.7 from 53.1 in April, according to a report from the Tempe, Arizona-based group today. A reading above 50 indicates expansion in the industries that make up almost 90 percent of the economy. Other figures showed private payroll growth slowed last month.