6/3, 3:45 PM (Source: TeleTrader)
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US services activity rebounds slightly in May

The activity in the services sector in the United States rebounded slightly in May as the country started to gradually lift coronavirus restrictions but still remained in contraction territory, according to the latest data from IHS Markit released on Wednesday. The seasonally adjusted final IHS Markit US Services Business Activity Index stood at 37.5 in May, up from 26.7 recorded a month earlier.

"The PMI numbers indicate that the US economy remained in a steep downturn in May. Encouragingly, the rate of contraction has eased considerably since the height of the lockdown in April as some firms get back to work and economic activity starts to resume," Chris Williamson, chief business economist at IHS Markit, stated.

The US IHS Markit Composite PMI Outpout Index rose from a record-low of 27 in April to 37 in May.

Breaking the News / NP