08:40 AM EDT, 05/20/2025 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rose slightly to minus 41.9 in May from minus 42.7 in the previous month.

The index still suggests contraction in the sector, which is in line with the New York Federal Reserve's services measure released on May 16.

The reading for sales increased but remained in negative territory while the employment reading moved back above the breakeven point. The readings for new orders and prices both decreased in the month.

The six-month outlooks at both the regional and firm levels increased, with only 24.1% of respondents expecting expansion in the region over the next six months compared with 54.7% that expect contraction.