The services ISM hasn't exactly been flashing signs of robust growth in recent years as it's been running below its prior cycle (2010-2019) average suggesting a slow pace of expansion in the sector (chart). But the May Services ISM report was pretty bleak. The index has now been in a trend decline over the past year, and not only did the headline composite index slip below 50, designating contraction in the sector, but the details suggest activity is potentially worse than implied by the 49.9 reading. Of the four metrics that feed into the headline index, two were down (new orders & business activity) and two were ... (full story)