05.06.2007 - U.S. services sector growing at best pace in a year

The nonmanufacturing side of the U.S. economy grew at the best pace in a year in May, the Institute for Supply Management reported.

The ISM nonmanufacturing index rose to 59.7% from 56% in April. It's the highest since April 2006.

Economists were looking for a pullback to about 55%. The index has been above 50% for 50 consecutive months.

The new orders index rose to 57.4% in May from 55.5% in April. The prices paid index rose to 66.4% from 63.5%. The employment index rose to 54.9% from 51.9%. (northfinance)