Service sector activity in the U.S. returned to growth in the month of May after contracting in April for the first time since December 2022, according to a report released by the Institute for Supply Management on Wednesday.
The ISM said its services PMI jumped to 53.8 in May from 49.4 in April, with a reading above 50 indicating growth in the sector. Economists had expected the index to inch up to 50.8.
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