US service sector activity at record 70.4 in May
Activity in the service sector in the United States expanded in May, with the growth rate setting another record high after the previous month’s surge, according to the latest release from IHS Markit published on Thursday.
The seasonally adjusted final IHS Markit US Services PMI Business Activity Index came in at 70.4 in May, up from the 64.7 registered in April and above the previously announced flash estimate figure. During the same period, the IHS Markit US Composite PMI Index rose by 5.2 index points compared to the fourth month, climbing to 68.7.
“The US economic recovery shifted up a gear in May, with output of the combined manufacturing and service sectors surging past all prior peaks by an impressive margin. The strong correlation between the PMI and GDP means the economy looks set to enjoy rapid, potentially double-digit, growth in the second quarter,” Chief Business Economist at IHS Markit Chris Williamson commented.
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