The Institute for Supply Management’s non-manufacturing business activity composite index was 48.2 in May, down from 51.7 in May, on a seasonally adjusted basis, the group said Thursday.

Economists polled by IFR Markets had expected a 51.0 level.

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.