Economic activity in the non-manufacturing sector grew in May for the 76th consecutive month, according to the latest Non-Manufacturing ISM Report On Business.

The report was issued by Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee.

“The NMI registered 52.9% in May, 2.8 percentage points lower than the April reading of 55.7%. This represents continued growth in the non-manufacturing sector at a slower rate,” said Nieves.

Nieves also noted that the Non-Manufacturing Business Activity Index decreased to 55.1%, which is 3.7 percentage points lower than the April reading of 58.8%. Nieves said this reflects growth for the 82nd consecutive month, albeit at a slower rate in May.

The New Orders Index registered at 54.2%, 5.7 percentage points lower than the reading of 59.9% in April and the Employment Index also decreased, falling 3.3 percentage points to 49.7% from the April reading of 53%. Nieves said this indicates contraction after two consecutive months of growth.

The Prices Index increased 2.2 percentage points from the April reading of 53.4% to 55.6%, marking the second consecutive month of increased prices.

According to the data release, 14 non-manufacturing industries reported growth in May while respondents’ comments were mixed and varied by industry and company.

“Overall, the report reflects a cooling-off and slowing in momentum from the previous months of growth for the non-manufacturing sector,” said Nieves.