Key facts
- US services PMI decreased to 50.7 in May.
- The preliminary reading for May was 50.9.
- The final reading for April was 51.0.
- The services sector continues to expand, but at a slower pace.
The US services sector experienced a slowdown in expansion in May, with the Purchasing Managers' Index (PMI) falling to 50.7. This figure is a decrease from the preliminary reading of 50.9 for May and is lower than the final reading of 51.0 recorded in April. A PMI reading above 50 indicates expansion in the services sector, while a reading below 50 suggests contraction. The data suggests that while the sector is still growing, the pace of that growth has moderated.