Growth in the non-manufacturing sector remained intact in May, according to the Non-Manufacturing Report on Business from the Institute for Supply Management (ISM), which was released today.
The NMI, the ISM’s index to measure growth, increased 1.1 percent in May to 56.3 for its highest level since August 2013, when it checked in at 57.9. A reading above 50 represents growth. May’s NMI is 1.8 percent higher than the 12-month average of 54.5 and represents the 52nd consecutive month of growth in the non-manufacturing sector.
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