US service providers chalk up strongest growth in nine months
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The US services sector expanded in May by the most in nine months, with the Institute for Supply Management's composite gauge of services jumping 4.4 points to 53.8. The business activity index soared 10.3 points to 61.2, the highest level since November 2022. Thirteen services industries reported growth, led by real estate and health care, while five sectors, including retail trade, noted a decline. The ISM index of prices paid for materials and services cooled to 58.1 from 59.2. The supplier deliveries index climbed to the highest level since November 2022, indicating slower delivery times. The measure of services employment climbed but remained in contraction territory.



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