6/1, 3:45 PM (Source: TeleTrader)
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US manufacturing activity contracts in May

United States Manufacturing Purchasing Managers' Index (PMI) stood at 48.4 in May, decreasing by 0.1 index points compared to the preliminary figure and falling by 1.8 index points from the previous month's number, according to a report published by S&P Global on Thursday.

Easing demand led to a three-month low in new orders which was the main contributor to the overall drop in the activity in the sector. On the other hand, a boost to supply delivery resulted in higher output and the pace of new hiring was near a two-year high.

"We are likely to see further downward pressure on both output and prices for goods in the coming months, thanks to the demand environment which has been hit by higher interest rates, the increased cost of living, economic uncertainty and a post-pandemic shift in spend from goods to services," S&P Global Market Intelligence Chief Business Economist Chris Williamson noted.

Baha Breaking News (BBN) / MS