Economic activity in the services sector grew in May for the 12th month in a row, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "The Services PMI® reached another all-time high in May, registering 64 percent, which is 1.3 percentage points higher than April's reading of 62.7 percent. The previous record high was 63.7 percent in March. The May reading indicates the 12th straight month of growth for the ... (full story)

A measure of U.S. services industry activity increased to a record high in May amid robust demand as the economy moves toward fully reopening, but businesses are struggling to source raw materials and labor, driving up production costs. The Institute for Supply Management (ISM) said on Thursday its non-manufacturing activity index rebounded to 64 last month, the highest reading in the series’ history, from 62.7 in April. A reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of U.S. economic activity. Economists polled by Reuters had forecast the index climbing to 63.0. ... (full story)