Economics
Service Industries Propel Broad Rebound in U.S. Growth
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Service providers from construction companies to retailers expanded in May at the fastest pace in nine months, signaling a broad-based rebound in the U.S. economy after a dismal first quarter.
The Institute for Supply Management’s non-manufacturing index climbed to 56.3, the highest reading since August, from 55.2 in April, the Tempe, Arizona-based group said today. Readings greater than 50 signal expansion. Seventeen of the 18 industries surveyed showed improvement.