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Services economy activity returns to growth in May, reports ISM

The May Services PMI, at 53.8 (a reading of 50 or higher signals growth), was up 4.4% over April’s 49.4, which marked the first time the Services PMI contracted since December 2022, when it came in at 49 and prior to that the last month seeing contraction was in May 2020, when it came in at 45.4.

After a 15-month growth run, for the services economy, halted in April, growth resumed once again in May, according to the new edition of the Services ISM Report on Business, which was issued today by the Institute for Supply Management (ISM).

The May Services PMI, at 53.8 (a reading of 50 or higher signals growth), was up 4.4% over April’s 49.4, which marked the first time the Services PMI contracted since December 2022, when it came in at 49 and prior to that the last month seeing contraction was in May 2020, when it came in at 45.4.

The May Services PMI is 1.3% above the 12-month average of 52.5, with August 2023’s 54.1 marking the high for that period and April’s 49.4 reading marking the low for that period.

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