ISM Services Index Unchanged in May

An index of the U.S. economy’s service sector was unchanged in May, the Institute for Supply Management said Thursday.

ISM’s monthly services index held at a reading of 55.4 for a third straight month. ISM said in its monthly report. Figures of more than 50 indicate expansion, while below that shows contraction.

Economists had forecast an increase to a 55.6 reading, Bloomberg reported.

ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.