5/24/2022, 3:45 PM (Source: TeleTrader)
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US private sector activity at 4-month low in May

The PMI Composite Output Index in the United States fell to a four-month low of 53.8 in May, down from 56 in April, S&P Global said in a preliminary report on Tuesday. New orders grew at the softest pace since August 2020, with input prices surging to the highest point since October 2009.

The Services Business Activity Index was also at a four-month low, dropping from 55.6 in April to 53.5 in May, and the manufacturing PMI was at its lowest point in three months, down from 59.2 in April to 57.5 in May.

"Despite all of the headwinds facing businesses, the survey data remain indicative of the economy growing at an annualized rate of 2%, which is also supporting stronger payroll growth. However, cost pressures have risen to a new survey high which, alongside the encouraging output and employment numbers, will fuel further speculation about the need for further imminent aggressive rate hikes," said Chief Business Economist at S&P Global Market Intelligence Chris Williamson.

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