US ISM Services PMI rose 1.3 pts to 64.0 in May, above expectation of 62.9. That’s another record higher, following 63.7 in March. Looking at some details, business activity/production rose 3.5 to 66.2. New orders rose 0.7 to 63.9. Employment dropped -3.5 to 55.3. Prices rose 3.8 to 80.6.
ISM said: “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for May (64 percent) corresponds to a 5.2-percent increase in real gross domestic product (GDP) on an annualized basis.”
