U.S. Services PMI Returns to Expansion Path in May: 5 Picks

The Institute of Supply Management (ISM) reported that the U.S. services sector PMI (purchasing managers’ index) came in at 53.8% in May, surpassing the consensus estimate of 50.7%. Any reading above 50% indicates an expansion of services activities.Notably, the metric for April was 49.4%, marking the first month of contraction since December 2022. The data for May was a major relief as the U.S. economy has shown signs of cooling with respect to several key economic data.In May, the business activity index ...