US Service Sector Index Indicates Modestly Slower Growth In May

US services sector growth slows in May

US services sector growth slows in May

The logistics performance index for May came in at 57.7 percent, retreating 0.5 percentage points from a month earlier, according to the China Federation of Logistics and Purchasing.

This represents continued growth in the non-manufacturing sector at a slightly slower rate.

The huge US services sector slowed in May, amid a dramatic decline in key categories including export orders, imports, prices and new orders, the Institute for Supply Management said Monday.

After reporting a notable acceleration in the pace of growth in activity in the USA service sector in the previous month, the Institute for Supply Management released a report on Monday showing a modest slowdown in the pace of growth in the sector in the month of May.

Growth in the Business Activity Index decreased 1.7 points to 60.7. That means the sector experienced growth for the 94th consecutive month, just at a slower rate.

Among the more worrisome components of the services report, the new orders index fell 5.5 points from April to 27.7, while the new export orders index plunged 11 points to 54.5, and imports fell 4.5 points to 48.5.

On the other hand, the ISM said the employment index jumped to 57.8 in May from 51.4 in April, suggesting a notable acceleration in the pace of job growth in the service sector. By falling below the 50% mark, the index indicates that prices decreased in May for the first time after 13 consecutive months of increasing.

17 of the 18 industries reported growth during the month.

Non-manufacturing employment grew for the 39th consecutive month.

He added, "The majority of respondents' comments continue to indicate optimism about business conditions and the overall economy".

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