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The sentiment in the U.S. service sector sharply expanded in May, far more than expected and reversing the decline that began in April.
What Happened: After 15 straight months of expansion, business morale gauging the services sector activity temporarily entered into contraction in April, but returned to a strong growth pace May, according to Wednesday data from the Institute for Supply Management (ISM).
Anthony Nieves, chair of the Institute for Supply Management Services Committee, said: “The increase in the composite index in May is a result of notably higher business activity, faster new orders growth, slower supplier deliveries and despite the continued contraction in employment.”
Survey respondents reported that overall business is on the rise, though growth rates differ by company and industry. Employment challenges persist, mainly due to difficulties in filling positions and managing labor costs. Most respondents believe that inflation and interest rates hinder better business conditions.
U.S. stocks managed to broadly hold session gains in reaction to the higher-than-expected ISM Services PMI report, despite bond yields resuming their rise.
Read now: 152,000 New Jobs Added In May, Missing Expectations: ‘Notable Pockets Of Weakness’
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