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

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.

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