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5/21, 3:58 PM (Source: TeleTrader)
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US Composite PMI at record high 68.1 in May

The private sector activity in the United States signalled an unprecedented expansion in business activity in May as growth was driven by the fastest service sector upturn on record, IHS Markit revealed in its preliminary report published on Friday. Flash Composite Output Index posted 68.1, reaching an all-time high benchmark.

The Services Business Activity Index registered 70.1 with the sharpest monthly rate of expansion since data collection began in 2009. Manufacturing PMI came in at 61.5, also a series record high. Meanwhile, the Manufacturing Output Index reached a 4-month high of 58.1.

"The service sector saw an especially impressive surge in growth, beating all prior records by a wide margin, accompanied by another solid expansion of manufacturing output. Growth would have been even stronger had it not been for businesses often being constrained by supply shortages and difficulties filling vacancies," said Chris Williamson, Chief Business Economist at IHS Markit.

Breaking the News / LH