The U.S. service sector improved above expectations last month, according to the latest data from the Institute for Supply Management (ISM). The ISM announced on Wednesday morning that its Services Purchasing Managers Index came in at 54.5 in May, up from 53.6 in April. The data was better than expected, as economists were looking for a reading of 53.8. Readings above 50 in such diffusion indexes signify economic growth and vice versa. The farther an indicator is above or below 50, the greater or smaller the rate of change. May was the 23rd consecutive month that the services index remained in expansion territory. ... (full story)