ISM Services Index Declines in May
he U.S. economy’s service sector growth declined in May, the Institute for Supply Management said Monday.
ISM’s services index, which measures non-manufacturing components of the economy, fell to a reading of 60.1 in May from 63 in April, the group said. Figures of more than 50 indicate expansion.
The level was about in line with analysts’ predictions of a drop to a 60 reading, Bloomberg reported.
The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.
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