(CercleFinance.com) – Growth in activity in the US service sector slowed against all expectations in May, according to the monthly survey by the ISM institute published on Monday.
The sector’s purchasing managers’ activity index came in at 50.3 last month, down from 51.9 in April, just above the 50-point threshold that marks the boundary between expansion and contraction of the activity.
By way of comparison, economists on average expected the index to rise to 52.4.
While the survey shows the sector has grown in 35 of the past 36 months, the new orders sub-index fell to 52.9 from 56.1 the previous month.
The employment component also fell to 49.2, after 50.8 in April, as did the sub-index of prices paid, which fell to 56.2 from 59.6 a month earlier.
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