U.S. May ISM services index stays above key 50% level (by Greg Robb)

WASHINGTON (MarketWatch) -- Nonmanufacturing sectors of the U.S. economy expanded at a slower pace during May, but stayed over the key 50% level, the Institute for Supply Management reported Wednesday. The ISM nonmanufacturing index fell to 51.7% from 52.0% in April. The increase was above forecasts. Economists were looking the index to inch lower to 50.0%. Economists said it pointed to sluggish growth, but not contraction. The ISM services index slipped into recession levels in the first quarter but has gained strength in April and May.