WASHINGTON – The U.S. economy's service sector, which employs 90 percent of the nation's work force, grew in May for an 18th straight month, posting slightly faster growth than in April.
The Institute for Supply Management said Friday that its index tracking the health of service companies increased to 54.6 in May from 52.8 in April.
In February, the index hit a five-year high with a reading of 59.7, but it fell in March and April as the service sector was battered by the sharp jump in energy prices. Any reading over 50 indicates expansion in the sector.