US ISM Services PMI dropped from 57.1 to 55.9 in May, below expectation of 56.7. Business activity/production dropped -4.6 to 54.5. New orders rose 3.0% to 57.6. Employment rose 0.7 to 50.2. Prices dropped -2.5 to 82.1.
ISM said: “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for May (55.9 percent) corresponds to a 2.1-percent increase in real gross domestic product (GDP) on an annualized basis.”