Mr. Shaman
Senior Member
- May 4, 2010
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Service Industries Grew in May for Fifth Month
"Service industries in the U.S. expanded for a fifth month and factory orders rose, pointing to a broadening economic recovery thats generating more jobs.
The Institute for Supply Managements index of non-manufacturing businesses, which makes up almost 90 percent of the economy, held at 55.4 for a third month in May. Readings above 50 signal expan$ion. Bookings at factories rose 1.2 percent in April, a Commerce Department report showed.
Companies from Target Corp. to Deere & Co. are seeing a pickup in sales that indicates confidence is growing even as the European debt crisis roils financial markets. A government report tomorrow is likely to show employers added more than 500,000 jobs last month, leading to gains in incomes and spending that will help sustain the economic rebound as government support wanes.
Finally were getting signals that job growth is picking up, said Jonathan Basile, an economist at Credit Suisse in New York. If were getting job growth it suggests further recovery in confidence and the likelihood that consumer spending continues to expand at a reasonable pace."