US Services Sector Sees Growth Accelerate in May, According to Latest S&P Global Survey

(CercleFinance.com) – The growth of the American services sector accelerated in the United States in May, according to the results of the latest monthly survey published on Monday by S&P Global.

The PMI index compiled by the economic research firm rose to 54.9 last month against 53.6 in April and 55.1 in the preliminary version called ‘flash’ which had been previously announced.

This is, according to S&P, its largest increase since April 2022.

For Chris Williamson, chief economist at S&P Global Market Intelligence, the strength of the tertiary sector – which represents more than 75% of activity in the United States – contrasts with the sluggishness of the manufacturing industry.

“Sectors like travel, tourism, entertainment and leisure are enjoying a post-pandemic mini ‘boom’, with demand shifting from goods to services,” he explains.