Services sector grew in May: ISM

NEW YORK (BestGrowthStock) – The U.S. non-manufacturing sector grew in May for a fifth consecutive month and added workers for the first time since December 2007, according to an industry report released on Thursday.

The Institute for Supply Management said its non-manufacturing index stood at 55.4 last month, unchanged from April. The median forecast of 68 economists surveyed by Reuters was a reading of 55.5.

Most activity measured by the index came from the dominant services sector. A reading above 50 indicates expansion.

The employment component edged up to 50.4 from 49.5 in April, while the business activity component rose to 61.1 from 60.3.

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(Reporting by Steven C. Johnson; editing by Jeffrey Benkoe)

Services sector grew in May: ISM