US ISM non-manufacturing index fell by 2.1 points in May

US ISM non-manufacturing fell from 57.8 to 55.7 in May, its weakest since April last year with new business activity, orders and jobs all recording slower growth in the month. 

2015 is shaping up like 2010-11-12-13 in that early year strength has dissipated heading into the middle of the year. 2014 was an encouraging exception with growth accelerating through most of last year but it seems the economy may be reverting to prior weaker form. 

This result and the modest May lift in the factory PMI suggest that the Q2 GDP growth rebound from Q1's contraction may be modest. Separately Markit revised its services PMI down 0.2 points to 56.2, its weakest since January.