By Joshua KirbyThe U.S. services industry rebounded in May, suggesting renewed dynamism in the key sector, according to survey data set out Wednesday. The Institute for Supply Management's services-activity index surged to 53.8 from 49.4 in April, well above the slighter rebound expected by economists, according to a consensus compiled by The Wall Street Journal. A reading above the no-change mark of 50 indicates expansion in the services sector. Production and new export orders surged more than any other components of the index, while supplier deliveries recovered to expansion and employment contracted at a slower rate. Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby(END) Dow Jones NewswiresJune 05, 2024 10:31 ET (14:31 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal June 06, 2024 02:35 UTC