U.S Service PMI rose by 1.3 percentage points to hit a new all-time high of 64% in May, according to the Institute for Supply Management press release. The PMI represented a 12th consecutive month of gains and has only failed to expand in 2 of the last 136 months.
Supplier Deliveries Index rose by 4.3% to hit 70.4%.
Prices Index jumped by 3.8% to reach 80.6%, the highest level since July 2008 as material shortages persisted.
Employment Index was recorded at 55.3% as businesses continued with hiring on the impacts of economic reopening.
Overall Business Activity Index was 66.2%, with New Orders Index hitting 63.9%.
U.S stocks are currently declining as the dollar gains. SPY is down 0.71%, QQQ is down 1.39%, EURUSD is down 0.61%.
