The Non-Manufacturing Business Activity Index decreased to 59.5 percent, which is 2.1 percentage points lower than the April reading of 61.6 percent, reflecting growth for the 70th consecutive month but at a slower rate.
The New Orders Index registered 57.9 percent, 1.3 percentage points lower than the reading of 59.2 percent registered in April.
The Employment Index decreased 1.4 percentage points to 55.3 percent compared to 56.7 percent in April, indicating growth for the 15th consecutive month.
The Prices Index increased 5.8 percentage points to 55.9 percent compared to reading of 50.1 percent in April and showing incraese in prices for the third consecutive month.
15 non-manufacturing industries reported growth in May. Overall there has been a slight slowing in the rate of growth for the non-manufacturing sector. Respondents’ comments are mostly positive about business conditions and indicate economic growth will continue.