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Economic activity in the nonmanufacturing sector expanded in May at a faster rate than in April, according to the Institute for Supply Management’s nonmanufacturing index, released today. The index rose to a reading of 53.7 in May from April’s reading of 53.5. Readings above 50 indicate growth.
However, the employment portion of the index fell to 50.8 in May from 54.2 in April, indicating continued growth, but at a slower rate.