RL Ralph Lauren Corporation

   By Imani Moise 
 

Manufacturing and service-sector activity rose in the latest month as private-sector firms reported a faster rise in service output.

The flash reading for the IHS Markit U.S. Services Business Activity Index was 55.7 in May compared with 54.6 in April. Results above 50 separate expansion from contraction.

Economists polled by The Wall Street Journal had forecast a reading of 54.2.

The flash reading for the U.S. Manufacturing Purchasing Managers' Index inched higher to 56.6 from 56.5 a month earlier. May's reading was the highest since September of 2014.

"Business optimism meanwhile remains at a three-year high, with companies commonly expecting rising demand to help drive business growth, setting the scene for further strong survey results in coming months," said Chris Williamson, chief business economist at IHS Markit in prepared remarks.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

May 23, 2018 11:08 ET (15:08 GMT)

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