U.S. economic activity rose in May to the highest pace in more than a year, showing persistent resilience to rising interest rates and high inflation.
The S&P Global Flash Composite Output Index — which gauges activity in the manufacturing and services sectors — rose to 54.5 in May from 53.4, the highest in 13 months.
The indicator suggests the private-sector economy expanded as it came in above the 50 no-change threshold.
Service providers, who reported stronger demand conditions, led the expansion. Manufacturers, meanwhile, registered marginal growth in production. Learn more.