ISM Services Index Rises in April
he U.S. economy’s service sector growth rose last month, the Institute for Supply Management said Wednesday.
ISM’s services index, which measures non-manufacturing components of the economy, rose to a 63 reading from 60.5 in March, the group said. Figures of more than 50 indicate expansion.
The level was greater than analysts’ predictions of a drop to a 59.4 reading, Bloomberg reported.
The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.
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