US Services Industry grows at slower pace in May, as ISM index registered 60.1
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$5.4 trillion The services component of US personal consumption expenditure in the first quarter of 2006 |
The services sector of the U.S. economy
expanded at a slower pace in May, according to ISM's non-manufacturing
business activity index which registered 60.1% in May, down from 63% in
April.
The service sector accounts for two-thirds of the U.S. economy. A reading of 50 and above points to a growth, while a figure below 50 signals contraction. |
The survey by the Institute
for Supply Management indicated several concerns:
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