Service industries in the U.S. expanded in May at about the same pace as the prior month, a sign the U.S. is failing to gain momentum as employment slows and the European crisis intensifies.
The Institute for Supply Management’s index of non- manufacturing businesses, which covers about 90 percent of the economy, rose to 53.7 last month from April’s 53.5, the Tempe, Arizona-based group said Tuesday. The median forecast of 75 economists surveyed by Bloomberg News projected 53.4. Readings above 50 signal expansion.
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