ISM Services Index Grows

ISM’s monthly services index rose held at a 55.4 reading, the same as March, ISM said in its monthly report.

Figures of more than 50 indicate expansion, while below that shows contraction. Economists had forecast an increase to a 54 reading, Bloomberg reported.

ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.