Mumbai, May 6 -- A report released by the Institute for Supply Management on Monday showed an unexpected increase by its reading on U.S. service sector activity in the month of April.
The ISM said its services PMI rose to 51.6 in April from 50.8 in March, with a reading above 50 indicating growth.
The unexpected uptick by the headline index partly reflected faster growth by new orders, as the new orders index climbed to 52.3 in April from 50.4 in March.
The employment index also jumped to 49.0 in April from 46.2 in March, although a reading below 50 still indicates contraction.
Meanwhile, the ISM said the business activity index slid to 53.7 in April from 55.9 in March but remained in expansion territory for the 59th consecutive month....