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 NEW YORK (AP) - Surprising strength in the nation's service economy, coupled with recent data showing the manufacturing sector is humming, suggest the broader economy may be shaking off slumps in the housing and automotive industries.
The Institute for Supply Management, based in Tempe, Ariz., said Tuesday its index of business activity in the non-manufacturing sector registered a faster-than-expected pace of 59.7 in May. The reading was higher than April's reading of 56 and Wall Street's expectation of 56.
A reading above 50 indicates expansion, while one below indicates contraction.
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