Business activity in the services sectors of the economy increased again in May, though at a lower rate than in April and also slower than analysts were expecting, the Institute for Supply Management reported Friday.
The Tempe, Ariz.-based research group reported that its index of non-manufacturing business activity fell to 58.5 in May from 61.7 in April. Analysts had been looking for a reading of 60.0. A reading above 50 indicates expansion in the services sector, while one below 50 means contraction.
