ISM Services PMI Indicates Slowing Growth in May 2023 amidst Concerns over Economic Slowdown
Introduction In May 2023, the Institute for Supply Management (ISM) Services Purchasing Managers’ Index (PMI) revealed a slight deceleration in the services sector, marking the fifth consecutive month of expansion but at the slowest pace in the ongoing sequence. The PMI fell to 50.3, down from 51.9 in April, indicating a modest growth rate. This…