The non-manufacturing, or services sector of the economy continued to grow in May, although pace of expansion was slower.
The Institute for Supply Management's (ISM) reports sector registered 52.9% last month -- down 2.8% from April. However, it was the 76th consecutive month of expansion.
A reading above 50 indicates an expansion, while below that suggests contraction.
The Non-Manufacturing Index (NMI) dropped 3.7% to 55.1%, the New Orders Index registered 54.2% -- 5.7% lower than the month before. The employment Index was down 3.3% to 49.7%, indicating contraction after two consecutive months of growth.
The Prices Index jumped 2.2% to 55.6%, indicating an increase in prices for the second consecutive month.
The 14 non-manufacturing industries reporting growth in May were:
- Health Care & Social Assistance;
- Accommodation & Food Services;
- Wholesale Trade;
- Agriculture, Forestry, Fishing & Hunting;
- Public Administration;
- Real Estate, Rental & Leasing;
- Management of Companies & Support Services;
- Finance & Insurance;
- Retail Trade;
- Transportation & Warehousing; and
- Arts, Entertainment & Recreation.
Four industries reported contraction:
- Other Services;
- Educational Services; and
- Professional, Scientific & Technical Services.