US service sector growth accelerates in May, reaching the highest ISM services index since August 2022.
US service sector growth accelerates in May, with the Institute for Supply Management's services index jumping to 53.8, the highest level since August 2022. The business activity index increased by 10.3 points, reaching 61.2, the highest level since November 2022. This strong growth indicates expansion in the services sector, which may support the Federal Reserve's cautious approach to interest rate cuts.
June 05, 2024
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