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6/3, 4:01 PM (Source: TeleTrader)
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US non-manufacturing PMI up to 45.4 in May - ISM

Economic activity in the United States non-manufacturing sector rose to 45.4% in May and surpassed the estimates, according to the report published by the Institute for Supply Management on Wednesday. The PMI slightly recovered, but remained in contraction for the second consecutive month.

The new orders monthly rose to 41.9% in May, while the employment index concurrently grew to 31.8%. At the same time, the business activity index jumped to 41%. On the other hand, the only decline was seen in the supplier deliveries index which tumbled to 67%.

"Respondents remain concerned about the ongoing impact of the coronavirus. Additionally, many of the respondents' respective companies are hoping and planning for a resumption of business," the report revealed.

Breaking the News / ND