ISM non-manufacturing report shows U.S. services sector expanded in May  On the heels of the release of its May manufacturing report, the Institute for Supply Management (ISM) said on Friday that the U.S. non-manufacturing sector grew for the 18th consecutive month in May.

According to the ISM, the U.S. services sector registered 54.6 percent, which indicates a continued expansion. A reading above 50 generally shows that the division of the U.S. economy is growing, with a level below that figure indicating a contraction. The may figure was 1.8 percentage points higher than April's 52.8 reading, but lower than March's 57.3 percent figure.

Moreover, the ISM's non-manufacturing new orders index expanded in May for the 22nd consecutive month, registering 56.8 percent; that represents a jump of 4.1 percentage points from April, but still lags behind March's 64.1 percent reading.

ISM Non-Manufacturing Chairman Anthony Nieves said that the May report showed the continued strength of the non-manufacturing sector, which accounts for a large part of the U.S. economy.

"The NMI registered 54.6 percent in May, 1.8 percentage points higher than the 52.8 percent registered in April, and indicating continued growth at a faster rate in the non-manufacturing sector," Nieves affirmed. "The New Orders Index increased by 4.1 percentage points to 56.8 percent. The Employment Index increased 2.1 percentage points to 54 percent, indicating growth in employment for the ninth consecutive month and at a faster rate."
Share To:

Strategic Sourceror

Post A Comment:

0 comments so far,add yours