US Business Activity Unexpectedly Quickens to a 13-Month High

From bnnbloomberg.ca

US business activity grew in May by the most in over a year, powered by robust demand for services, while views about the economic outlook brightened. The S&P Global flash May composite purchasing managers index advanced 1.1 points to 54.5, the group reported Tuesday. That’s the highest since April of last year and above the 50 level that separates growing and shrinking activity. The group’s services gauge also increased to a 13-month high, fueled by an acceleration in new business growth. At the same time, the manufacturing index slipped back into contraction territory as orders shrank and output growth ... (full story)