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U.S. non-manufacturing sector expands at faster pace in April

Xinhua, May 3, 2017 Adjust font size:

U.S non-manufacturing sector expanded at a faster pace in April, as new orders index reached the highest level since 2005.

The Non-Manufacturing Index (NMI), which measures activity in the U.S. service sector, registered 57.5 in April, 2.3 points higher than the March reading of 55.2, the Institute for Supply Management (ISM) said in its monthly survey on Wednesday.

The NMI survey covers all sectors outside of manufacturing. A reading above 50 percent indicates expansion of the service sector.

The business activity index increased 3.5 points to 62.4; the new orders component of the index, a signal of future business, rose 4.3 points to 63.2, the highest level since 2005; the employment index edged down 0.2 point to 51.4.

Businesses surveyed are mostly positive about business conditions and the overall economy, said the ISM.

On the contrary to the acceleration of non-manufacturing activity, a recent survey released by the ISM showed that U.S. manufacturing activity expanded at a slower pace in April, as new orders and employment pulled back in the month. Enditem