After two consecutive declines, the US non-manufacturing ISM showed a marginal pick-up in May. The headline index rose from 53.5 to 53.7, while a marginal decline was expected (to 53.4). The details show a pick-up in the important business activity (55.6 from 54.6), new orders (55.5 from 53.5) sub-indices, but also supplier deliveries (53.0 from 51.5), inventory change (56.0 from 54.0) and inventory sentiment (63.0 from 61.0) rose in May. Employment (50.8 from 54.2), new export orders (53.0 from 58.0) and imports (53.0 from 56.5) eased somewhat in May, while backlog of orders stabilized at 53.0. Cost pressures eased further in May, and prices paid even fell below the 50 benchmark level, giving service providers more breathing space. Over the previous two months, the momentum in the US services sector was slowing significantly, but this outcome indicates that the slowdown has come to a halt, for now, and the sector is showing a mild pace of growth.