Bloomberg (05/05/14) Michael Bathon

U.S. Bankruptcy Judge Kevin J. Carey has approved a prepackaged bankruptcy approval plan that reorganizes temporary staffing firm Select Family of Staffing Cos., formerly known as Koosharem LLC. The plan cuts debt by $300 million, or 46%. The company, which filed for bankruptcy on April 1, had already received approval from lenders to reduce debt of more than $650 million to about $350 million by raising funds in an equity rights offering and issuing new debt.

Reuters (05/05/14)

The U.S. services sector saw faster-paced growth in April than it has for several months, due to a sharp increase in new orders. The Institute for Supply Management’s services sector index climbed from 53.1 in March to 55.2 in April, besting analysts’ forecasts that the index would reach 54.1. The index has surpassed 50 for 52 consecutive months; a reading above 50 indicates expansion.

Meanwhile, the business activity index rose from 53.4 in March to 60.9 in April, and the new orders index rose from 53.4 to 58.2. The employment index fell from 53.6 to 51.3, but that reading is at odds with U.S. Department of Labor data indicating service-sector hiring expanded in April by the most it has in 11 months.

Reuters (05/06/14) Lucia Mutikani

U.S. gross domestic product will expand at a 3.9% annual pace this quarter, and growth likely will remain at a brisk pace for the remainder of 2014, according to the Organization for Economic Cooperation and Development. OECD says inflation pressures will remain tame through 2015. Growth is expected to average 2.6% this year and quicken to 3.5% in 2015, OECD says.

“Household deleveraging and the rise in asset prices have caused household net wealth to rise significantly, which will help sustain consumption growth,” the report indicates. “Economic growth could also be stimulated more robustly than expected by factors such as improved competitiveness and low energy prices.”