The U.S. services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Federal Reserve's fight against inflation.
Meanwhile, factory orders rose for a second straight month in April, but aside from a jump in orders for national defense, overall manufacturing activity was soft, in keeping with private survey data showing the sector now in a prolonged downturn.
Though the PMI remains above the 49.9 level, which the ISM says over time indicates growth in the overall economy, last month's slowdown heightened the risks of a recession. The ISM reported last week that its manufacturing PMI was stuck below the 50 threshold in May for the seventh straight month, the longest such stretch since the Great Recession.
"Momentum had been very strong in the services sector since the reopening process began, but the sector is clearly cooling down now," Thomas Simons, U.S. economist at Jefferies, wrote in a note. Simons observed that looking past a one-off weak reading in December and the drops in the spring of 2020 as the pandemic began, the ISM readings in the last three months were the weakest since January 2010.
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