May services economy activity sees a return to growth

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After a 15-month growth run, for the services economy, halted in April, growth resumed once again in May, according to the new edition of the Services ISM Report on Business, which was issued today by the Institute for Supply Management (ISM).

The May Services PMI, at 53.8 (a reading of 50 or higher signals growth), was up 4.4% over April’s 49.4, which marked the first time the Services PMI contracted since December 2022, when it came in at 49 and prior to that the last month seeing contraction was in May 2020, when it came in at 45.4.

The May Services PMI is 1.3% above the 12-month average of 52.5, with August 2023’s 54.1 marking the high for that period and April’s 49.4 reading marking the low for that period.

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Jeff Berman, Group News Editor
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Jeff Berman is Group News Editor for Logistics Management, Modern Materials Handling, and Supply Chain Management Review. Jeff works and lives in Cape Elizabeth, Maine, where he covers all aspects of the supply chain, logistics, freight transportation, and materials handling sectors on a daily basis. Contact Jeff Berman

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