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Economic activity in the non-manufacturing sector grew in May at a slightly faster pace than April, according to the Institute for Supply Management’s non-manufacturing report on business released today. The increase follows two months of decline.
The institute’s non-manufacturing business activity index edged up in May to a reading of 53.7 from April’s 53.1 reading but remains below the 12-month average of 54.4. Readings above 50 indicate growth.
The employment portion of May’s index reported its lowest reading since last November at 50.1, down 1.9 points from April’s reading of 52.0. However, the employment reading still indicated growth, albeit at a slower pace.