Reported 4 months ago
The US services sector bounced back in May with business activity improving the most in three years, following a short-lived contraction in the previous month. Private payrolls growth slowed, as private employers added the fewest jobs since January and small businesses shed jobs for the first time in six months. This mixed economic data is unlikely to prompt the Federal Reserve to shift focus from containing inflation, despite evidence of potential growth ebbing. The Institute of Supply Management reported a rise in non-manufacturing purchasing managers index to 53.8 in May from 49.4 in April, reflecting growth. However, employment remained in contraction territory at 47.1, showing room for improvement.
Source: YAHOO