Investing.com - Service sector activity in the U.S. grew at a faster rate than expected in May, industry data showed on Wednesday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 53.7 in May from a reading of 53.1 in April.
Analysts had expected the index to inch up to 53.5 last month.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index increased by 1.5 points to 56.0, and the Employment Index declined 1.9 points to 50.1
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.1% to trade at 1.3071.
Meanwhile, U.S. stock markets remained lower. The Dow Jones Industrial Average fell 0.3%, the S&P 500 index declined 0.3%, while the Nasdaq Composite index dipped 0.1%.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 53.7 in May from a reading of 53.1 in April.
Analysts had expected the index to inch up to 53.5 last month.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index increased by 1.5 points to 56.0, and the Employment Index declined 1.9 points to 50.1
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.1% to trade at 1.3071.
Meanwhile, U.S. stock markets remained lower. The Dow Jones Industrial Average fell 0.3%, the S&P 500 index declined 0.3%, while the Nasdaq Composite index dipped 0.1%.