Breaking: US ISM Services PMI rises to 54.5 in May vs. 53.8 expected

Business activity in the United States (US) service sector expanded at an accelerating pace in May, with the Institute for Supply Management's (ISM) Services Purchasing Managers' Index (PMI) rising to 54.5 from 53.6 in April. This reading came in better than the market expectation of 53.8.