The overall economy grew for the forty-eighth straight time, while the manufacturing sector contracted after five months of expansion, the Institute for Supply Management reported Monday.

According to the ISM's monthly report on business, the ISM index slipped to 49.0 in May from 50.7 in April.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.