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U.S. Service Sector Growth Accelerates To Record High In May
WASHINGTON (dpa-AFX) - U.S. service sector activity saw record growth in the month of May, according to a report released by the Institute for Supply Management on Thursday.
The ISM said its services PMI rose to 64.0 in May from 62.7 in April, with a reading above 50 indicating growth in the sector. Economists had expected the index to inch up to 63.0.
With the bigger than expected increase, the services PMI reached another all-time high, surpassing the previous record high of 63.7 in March. The rate of expansion is very strong, as businesses have reopened and production capacity has increased, said Anthony Nieves, Chair of the ISM Services Business Survey Committee.
Read more about US Stocks waver after manufacturing data on Business Standard. At the close of trade, the Dow Jones Industrial Average index advanced 45.86 points, or 0.13%, to 34,575. The S&P 500 index fell 2.07 points, or 0.05%, at 4,202. The tech-heavy Nasdaq Composite Index fell 12.26 points, or 0.09%, to 13,736.
WASHINGTON (dpa-AFX) - Manufacturing activity in the U.S. expanded at a slightly faster pace in the month of May, according to a report released by the Institute for Supply Management on Tuesday.The