Economy

US service firms grow at fastest pace since August

By Josh Boak
Published June 4, 2014 3:07pm ET
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US service firms grow at fastest pace since August
In this Friday, May 16, 2014 photo, a construction worker works on the site of the SoMa at Brickell apartment building in downtown Miami. The Institute for Supply Management, a trade group of purchasing managers, issues its index of non-manufacturing activity for May on Wednesday, June 4, 2014. (AP Photo/Lynne Sladky, File) | Lynne Sladky

WASHINGTON (AP) — U.S. service firms grew more quickly last month as production, hiring and new orders increased, adding to signs that the economy is accelerating after dipping at the start of the year.

The Institute for Supply Management said Wednesday that its service-sector index rose to 56.3 in May, the best reading since August 2013. The figure is an improvement from the 55.2 posted in April. Any figure above 50 indicates expansion.

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