US Service Providers Chalk Up Strongest Growth in Nine Months
- ISM purchasing managers index rose 4.4 points in May to 53.8
- Business activity posted biggest monthly gain in three years
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The US services sector expanded in May by the most in nine months, powered by the largest monthly gain in a measure of business activity since 2021.
The Institute for Supply Management’s composite gauge of services jumped 4.4 points, the most since the start of last year, to 53.8. Readings above 50 indicate expansion, and the May figure exceeded all forecasts in a Bloomberg survey of economists.