UNITED STATES: NEW RECORD FOR THE ISM SERVICES INDEX IN MAY
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WASHINGTON (Reuters) – Growth in service sector activity accelerated in May in the United States to a record high on the back of strong demand, but shortages of raw materials and labor led to higher prices. production costs, shows the Institute for Supply Management (ISM) monthly survey released Thursday.
The ISM services index rose to 64.0 from 62.7 the previous month while economists polled by Reuters on average expected a figure of 63.0.
The new business sub-index stood at 63.9 in May from 63.2 in April.
The employment sub-index for its part fell to 55.3 in May after 58.8 in April. That of prices paid has reached a peak since September 2005, at 80.6 against 76.8.
Another indicator of the development of service activity, that of the IHS Markit institute, rose to 70.4 after 64.7 in April and 70.1 in first estimate.
(Lucia Mutikani, French version Laetitia Volga, edited by Jean-Michel Bélot)
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