May ISM services index 54.5 vs 53.8 expected
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The May ISM Services Index came in at 54.5, beating expectations of 53.8, indicating continued expansion in the U.S. services sector. However, underlying data revealed mixed conditions: new orders dropped sharply to 53.5 from 60.6, and employment contracted for a second month at 48.0. Inflationary pressures remained persistent, with the prices paid index holding steady at a high 70.7. The report suggests a growing economy facing softer forward demand, cautious hiring, and sustained cost pressures.
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