An index of the U.S. economy’s service sector was unchanged in May, the Institute for Supply Management said Thursday.
ISM’s monthly services index held at a reading of 55.4 for a third straight month. ISM said in its monthly report. Figures of more than 50 indicate expansion, while below that shows contraction.
Economists had forecast an increase to a 55.6 reading, Bloomberg reported.
ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.
Transport Topics