WASHINGTON - Service industries in the U.S. contracted at a slower pace in May, adding to signs the economic slump is abating.
The Institute for Supply Management’s index of non-manufacturing businesses, which make up almost 90 percent of the economy, rose to 44, the highest level in seven months yet lower than forecast, from 43.7 the prior month, according to the Tempe, Arizona-based group. Readings below 50 signal contraction.
Recent improvement in confidence and stabilization in housing and manufacturing reinforce forecasts that the worst recession in half a century will end this year. Still, mounting job losses and stricter lending rules mean consumers, who account for more than 70 percent of the economy, will not drive the expansion.
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Source: Bloomberg News
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