Economics
US Services Gauge Retreats as Business Activity Growth Slows
- ISM overall services measure decreased to 55.9 in May
- Index of business activity slipped to a two-year low
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Growth at US service providers moderated in May to the softest pace in over a year, reflecting a pullback in a measure of business activity that suggests persistent supply constraints.
The Institute for Supply Management’s gauge of services decreased to 55.9 last month from 57.1 in April, according to data released Friday. While still firmly above the threshold of 50 that signals expansion, it was the weakest print since February 2021.