The overall economy grew for the thirty-sixth straight time, while the manufacturing sector expanded for the thirty-fourth time, the Institute for Supply Management reported Friday.

According to the ISM’s monthly report on business, the ISM index slipped to 53.5 in May from 54.8 in April.

Economists predicted a 54.0 reading.

An index reading below 50 signals a slowing economy, while a level above 50 suggests expansion.

The closely watched prices paid index slumped to 47.5 from 61.0. The employment index was at 56.9, down from 56.1 the previous month.

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.