Services PMI accelerates to an all-time high of 70.4 in May

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The index US Markit services PMI rose nearly six points in May, the month that marked its fifth consecutive month of increases. The indicator reached 70.4 points, a new historical maximum, surpassing the 64.7 in April and the 70.1 expected by the market.

The Integrated PMI has increased to 68.7, its maximum level since this data began to be collected, in 2009. The result improves the 63.5 points in April and the 68.1 estimated by the experts.

According IHS Markit, the higher demand from customers has stimulated further expansion of production, also seeing a strong increase in employment despite hiring. On the other hand, the cost burden is increasing at the fastest rate on record.

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