Key facts
- US Services PMI decreased to 50.7 in May.
- The May reading missed the forecast of 50.9.
- The April reading was 51.0.
- The May figure signifies slower expansion in the services sector.
- This is one of the weakest expansion months in 2.5 years.
The U.S. Services Purchasing Managers' Index (PMI) recorded a reading of 50.7 in May, according to data from S&P Global. This represents a decrease of 0.3 points from the April reading of 51.0. The May figure also fell short of the anticipated 50.9. A PMI reading above 50 indicates expansion in the services sector, while a reading below 50 signifies contraction. The latest data suggests a deceleration in the growth of the US services sector, with the May expansion rate being among the slowest observed in the last two and a half years.