Strong Service Sector Activity Pushes U.S. Business Activity to a 13-Month High
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Strong Service Sector Activity Pushes U.S. Business Activity to a 13-Month High

By: Tomas Ronolski - AllPennyStocks.com News

Friday, May 26, 2023

The S&P Global Flash U.S. Composite Output Index rose in May, driven by a surge in service sector companies. Post-pandemic, particularly travel and leisure companies grew in the flash May survey, while manufacturers continue to struggle with over-filled warehouses and a lack of new orders.

The survey captures activity in both the services and manufacturing sectors, registered at 54.5 in May, up from 53.4 in April and better than the 53.0 that had been expected by economists. Any reading above 50 represents expansion in the sector; readings below 50 indicate contraction.

The services component of S&P's report showed the index registered 55.1 this month, up from 53.6 in April. Meanwhile, manufacturing activity contracted in May with the index registering 48.5, the lowest in two months.


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