WASHINGTON: US services industry activity pushed off an 11-year low in May, but businesses appeared in no rush to rehire workers as they reopen, supporting views the economy could take years to recover from the devastation caused by the COVID-19 crisis.
The report came on the heels of the ISM's manufacturing survey on Monday showing factory activity easing off an 11-year low in May. Sentiment surveys have suggested the slump in economic activity triggered by COVID-19 has bottomed.
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