10:41 AM EDT, 05/29/2024 (MT Newswires) -- The Dallas Federal Reserve's monthly general business services index declined to a reading of minus 12.1 in May from minus 10.6 in April, compared with expectations for an increase to minus 9.4 in a survey compiled by Bloomberg as of 7:45 am ET.

The reading indicates a faster pace of contraction, which is in line with the Philadelphia Fed index but contrasts with the Kansas City, Richmond and the S&P Global flash indexes that indicated expansion.

There were increases in the readings for revenue and employment, while the input prices reading decreased, and the selling prices index held steady.

The ISM's national services reading is due to be released on June 5.