The Institute for Supply Management released a report on Wednesday showing its reading on U.S. service sector activity increased by more than expected in the month of May.
The ISM said its services PMI rose to 54.5 in May from 53.6 in April, with a reading above 50 indicating growth. Economists had expected the index to tick up to 53.7.
The bigger than expected increase by the headline index partly reflected an acceleration in the pace of growth in new orders, as the new orders index jumped to 57.3 in May from 53.5 in April.
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