US service firms grow slightly faster
Source: Agencies |
June 6, 2012, Wednesday
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Print Edition
Print Edition
US service firms, which employ roughly 90 percent of the work force, expanded at a slightly faster pace in May, marking the 29th straight month of expansion.
The Institute for Supply Management said yesterday that its index of non-manufacturing activity edged up to 53.7 last month from an April reading of 53.5.
The May reading was slightly below the long-run average for the index of 53.9. A reading above 50 indicates expansion.
The ISM survey covers all sectors outside of manufacturing. That includes retail, construction, financial services, health care and hotels.
The ISM's manufacturing index, released last week, showed that this segment grew more slowly in May, hurt by weaker hiring and falling production. But in a hopeful sign, new manufacturing orders hit a 13-month high.
The service sector includes low-paying jobs in retail and restaurants. But it also has higher-paying jobs in accounting and financial services.
The Institute for Supply Management said yesterday that its index of non-manufacturing activity edged up to 53.7 last month from an April reading of 53.5.
The May reading was slightly below the long-run average for the index of 53.9. A reading above 50 indicates expansion.
The ISM survey covers all sectors outside of manufacturing. That includes retail, construction, financial services, health care and hotels.
The ISM's manufacturing index, released last week, showed that this segment grew more slowly in May, hurt by weaker hiring and falling production. But in a hopeful sign, new manufacturing orders hit a 13-month high.
The service sector includes low-paying jobs in retail and restaurants. But it also has higher-paying jobs in accounting and financial services.
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