By Ovunc Kutlu
ANKARA (AA) – Economic activity in the US services sector declined more than the market estimate in the month of May, according to data released on Friday.
The Institute for Supply Management (ISM) non-manufacturing purchasing managers’ index (PMI), also known as the ISM Services PMI, fell by 1.2 percentage points from the previous month to 55.9, an ISM survey showed.
Analysts expected the index, which indicates the overall economic condition of the non-manufacturing sector, to post a reading of 56.4, after standing at 57.1 in April.
A reading above 50 indicates expansion.
Despite the slowdown, economic activity grew in May for the 24th month in a row.
The index hit at an all-time high of 69.1 in November last year.