US Business Activity Expands Most in Two Years, Prices Pick Up
- S&P Global’s flash May gauge advanced to 54.4 from 51.3
- Composite measures of prices paid, received both rise
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US business activity accelerated in early May at the fastest pace in two years, largely reflecting stronger growth at service providers and accompanied by a pickup in inflation.
The S&P Global flash May composite purchasing managers index advanced by more than 3 points to 54.4, the highest since April 2022. Figures higher than 50 indicate expansion. The gauge topped all estimates in a Bloomberg survey of economists.