Growth in U.S. service sector activity slowed by slightly more than expected in the month of May, the Institute for Supply Management revealed in a report released on Friday.
The ISM said its services PMI dipped to 55.9 in May from 57.1 in April, although a reading above 50 still indicates growth in the sector. Economists had expected the index to edge down to 56.4.
With the bigger than expected decrease, the services PMI dropped to its lowest level since a matching reading in February of 2021.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.