6/3, 4:00 PM (Source: TeleTrader)
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US services PMI reaches all time high of 64.0 in May - ISM

The services sector in the United States improved in May compared to the previous month, the Institute for Supply Management (ISM) reported on Thursday. The Purchasing Managers' Index rose 1.3 percentage points to another all-time high of 64.0%.

The Business Activity Index registered at 66.2%, up 3.5 pps from April, while New Orders increased 0.7 pps to 63.9%. Supplier Deliveries Index climbed 4.3 pps month-on-month to 70.4%, indicating slower deliveries, with the Backlog of Orders jumping 5.4 pps to 61.1%. The Employment Idex fell 3.5 pps to 55.3%. The Prices Index advanced 3.8 pps during the same period to 80.6%, marking the fastest rise since July 2008.

"According to the Services PMI, all 18 services industries reported growth. There was continued growth in the services sector in May. The rate of expansion is very strong, as businesses have reopened and production capacity has increased. However, some capacity constraints, material shortages, weather-related delays, and challenges in logistics and employment resources continue," ISM Chair Anthony Nieves said in the press release.

Breaking the News / MD