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Home Economy

The biggest part of the U.S. economy is growing rapidly and rehiring more workers, ISM shows

by capitalizefinancial
May 6, 2021
in Economy
0
The biggest part of the U.S. economy is growing rapidly and rehiring more workers, ISM shows

The huge service side of the U.S. economy grew rapidly in April as states lifted business restrictions, companies hired more workers and consumers spent their stimulus checks.

A survey of service-oriented businesses such as retailers, restaurants and health-care providers slipped to 62.7% last month from a record 63.7% in March, the Institute for Supply Management said Wednesday.

The ISM survey fell a bit short of Wall Street expectations. Economists polled by Dow Jones and The Wall Street Journal had forecast the index to edge up to 64.1%.

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