US ISM services rises to 53.8, activity/production surges
US ISM Services PMI jumped from 49.4 to 53.8 in May, well above expectation of 51.0. Looking at some details, business activity/production rose sharply from 50.9 to 61.2, highest since November 2022. New orders rose from 52.2. to 54.1. Employment rose from 45.9 to 47.1. Prices fell from 59.2 to 58.1.
ISM said, “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for May (53.8 percent) corresponds to a 1.6-percent increase in real gross domestic product (GDP) on an annualized basis.”
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