by John Carney
Breitbart.com
The U.S. economy got a major boost in May, according to the latest S&P surveys. Businesses are feeling good about the future, even with inflation still causing headaches.
The S&P flash U.S. services index, which is based on a survey of purchasing managers’ at U.S. businesses, shot up to a 12-month high of 54.8 in May from 51.3 in April. These are the folks buying supplies for their companies, so this is a big deal.
Not to be outdone, the flash U.S. manufacturing PMI climbed to 50.9 in May from 50.0. Anything above 50 means growth, so it looks like things are picking up.
“The US economic upturn has accelerated again after two months of slower growth, with the early PMI data signalling the fastest expansion for just over two years in May,” said S&P Global’s top economist, Chris Williamson.