Services Sector Expands Modestly in May

Washington, DC, June 3, 2011 -- Growth in the U.S. service sector accelerated slightly in May, according to a survey by the Institute for Supply Management.

ISM's services index rose to 54.6% last month from 52.8% in April. Readings over 50% indicate more firms are expanding than contracting.

Economists expected the services index to register 54.0%.