ISM's May services PMI rose to 54.5 from 53.6 in April, beating expectations.
New orders continued to expand. The supplier deliveries index fell from April
but stayed above 50 for an 18th straight month, signaling ongoing delivery
slowdowns. The prices index climbed to its highest since August 2022; diesel,
gasoline, crude oil and related commodities were most frequently cited for price
increases. The employment index contracted for a third month; ISM chair Steve
Miller said users frequently reported hiring freezes or not backfilling
vacancies, though most industries reported month-to-month employment was steady.
