Service sector growth picks up in May: ISM

The pace of growth in the services sector picked up modestly in May while gauges of new orders and employment climbed, according to an industry report released on Friday.

The Institute for Supply Management said its services sector index rose to 54.6 last month from 52.8 in April. The reading came in just above economists' forecasts for 54.0, according to a Reuters survey. The uptick came after April's reading fell sharply to the lowest level since August 2010.

A reading above 50 indicates expansion in the sector. It was the first increase since February, though growth was still off the strong levels seen at the beginning of the year.

The new orders component rose to 56.8 from 52.7, while the employment gauge climbed to 54.0 from 51.9. The prices paid index eased to 69.6 from 70.1, its lowest level since December.

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- Posted: 2011-06-03 11:04:29

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