US: ISM Services PMI falls to 55.9 in May versus expected drop to 56.4

Joel Frank Independent Analyst

The headline ISM Services Purchasing Manager's Index (PMI) fell to 55.9 in May from 57.1 in April versus expectations for a slightly smaller decline to 56.4, according to the latest release by the Institute for Supply Management (ISM).

Subindices:

The Business Activity Index fell to 54.5 from 59.1 in April.

The Employment Index fell to 50.2 from 49.5 in April.

The New Orders Index rose to 57.6 from 54.6.

The Prices Paid Index fell to 82.1 from 84.6.

Market Reaction

FX markets did not seem to react to the latest ISM data, as investors continue to digest the ramifications of the earlier official US jobs report.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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