May US ISM non-manufacturing PMI 53.7 vs 53.5 exp

• Prior 53.1
• Business activity 56.5 vs 55.2 exp. Prior 55.0
• Employment index 50.1 vs 52.0 prior
• New orders 56.0 vs 54.5 prior
• Prices paid 51.1 vs 51.2 prior

From the ISM report:

"Healthcare reform and sequestration are having a strong negative impact on business." (Health Care & Social Assistance)

 Another policy win!