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New Data Reveals Service Sector Has Grown in May

New Data Reveals Service Sector Has Grown in May

According to recent data released by the Institute for Supply Management, the United States service sector has grown at a faster rate in May which point to the solid economic growth.

Earlier on Wednesday, the organization said that its non-manufacturing index increased to 56.9 from 55.5 in April. However, this is lower than the figure last year as the last year’s strong growth was result of tax cut in the late 2017.

On the other hand, the Gross domestic product rose at an annual rate of 3.1% during the first quarter of this year. According to the commerce department, this was result of higher exports and investments. However, as recent trade tension grew, sector growth has slowed down in last month.

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