TEMPE, Ariz., June 5 (UPI) -- The U.S. service sector continued to grow last month but at a slower pace than in April, an industry report disclosed Monday.
The Institute for Supply Management said its key index of non-manufacturing activity grew was 60.1, down from April's 63 but still positive. The ISM said the weaker growth rate stems from rising costs and weaker consumer demand.
"Non-manufacturing business activity increased for the 38th consecutive month in May," said Anthony Nieves, an official with the Institute for Supply Management.
"Business activity, new orders and backlog of orders increased at slower rates in May than in April. Prices, new export orders, imports and employment increased at faster rates. Thirteen of 17 non-manufacturing industry sectors report increased activity in May, compared to 14 that reported increased activity in April."
