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The Institute for Supply Management released its non-manufacturing purchasing managers' index for the U.S. on Wednesday. The index fell to 56.2 in May from 57.4 in April, missing expectations for a decrease to 56.4. It was the lowest level since April 2014
A reading above 50 indicates a growth in the service sector.
The decline was partly driven by a drop in the business activity/production index, which declined to 59.5 in May from 61.6 in April.
The ISM's new orders index decreased to 57.9 in May from 59.2 in April.
The ISM's employment index declined to 55.3 in May from 56.7 in April.
The ISM's price index rose to 55.9 in May from 50.1 in April.
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