According to the latest data from the Institute for Supply Management, economic activity in the non-manufacturing sector grew in May for the 89th consecutive month.

The NMI dropped 0.6% in May, falling from 57.5% to 56.9%. With a reading above 50%, the non-manufacturing sector is still growing, just at a slightly slower rate. The non-manufacturing business activity index also decreased during the month, slipping to 60.7%. That means the sector experienced growth for the 94th consecutive month, just at a slower rate. The new orders index fell as well, but by a much wider margin, going from 63.2% in April to 57.7% in May. The prices index also fell quite a bit, dropping from 57.6% to 49.2%. By falling below the 50% mark, the index indicates that prices decreased in May for the first time after 13 consecutive months of increasing.

Meanwhile, the employment index went in the opposite direction, rising from 51.4% in April to 57.8% in May. According to the NMI, 17 non-manufacturing industries reported growth.

The majority of the non-manufacturing reported growth in May, including rental and leasing, construction and finance and insurance.

“Although the non-manufacturing sector’s growth rate dipped in May, the sector continues to reflect strength, buoyed by the strong rate of growth in the Employment Index. The majority of respondents’ comments continue to indicate optimism about business conditions and the overall economy,” said Anthony Nieves, chair of the ISM non-manufacturing business survey committee.