SILVER SPRING, Md. (AP) — Growth in the services sector, where most Americans work, hit an all-time high in May as people flock to bars, restaurants and other venues across the country that now have fewer or no capacity restrictions.
The Institute for Supply Management said its monthly survey of service industries jumped to a reading of 64, topping the previous high of 63.7 in March. Any reading above 50 indicates the sector is expanding.
May marks the 12th straight month of expansion in the services sector following a two-month contraction in April and May of last year at the height of coronavirus pandemic closures.
(© Copyright 2021 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)