It seems counterintuitive, but the auto industry could face a labor shortage within the next few years, says the head of the Center for Automotive Research.
Four reports Thursday show the U.S. economy is still recovering, albeit it slowly. The reports:
• The Institute for Supply Management said its Non-Manufacturing Index registered 55.4% in May, the same as April and March. A reading above 50 indicates growth in the services sector.
The report is considered a key gauge for the health of the jobs market because the service sector accounts for 80% of workers, outside of farm workers.
• Orders to U.S. factories increased in April as a surge in demand for commercial aircraft offset weakness in other areas.