U.S. Service-Sector Continues Growth Streak - Markit
The U.S. service sector continued to grow in May, according to a report Monday, extending the current period of growth to 15 months.
Markit Economics' U.S. services business activity index grew to 53.6 in May from 53.1 in April, but down from the flash reading of 54. The reading indicated the sector grew, as readings above 50 indicate expansion.
The report also said that new business growth accelerated to a four-month high with stronger demand leading to increased volumes of new orders.
Markit's purchasing managers' composite index, known as the Composite PMI, rose to 53.6 in May from 53.2 in April. That index uses surveys from both the services and manufacturing surveys.
"The key message from the PMI is that the economy is enjoying steady, albeit unspectacular, growth, and that the pace of expansion has been slowly lifting higher in recent months," said Chris Williamson, chief business economist at IHS Markit.
Last week, the U.S. manufacturing purchasing managers' index fractionally declined to 52.7 in May, from its final reading of 52.8 in April.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
June 05, 2017 10:38 ET (14:38 GMT)