Breaking: ISM Manufacturing PMI improves to 43.1 in May vs. 43.6 expected
|The economic activity in the US' manufacturing sector contracted at a softer pace in May than it did in April with the ISM's Manufacturing Purchasing Managers' Index (PMI) improving to 43.1 from 41.5.
This reading came in slightly worse than the market expectation of 43.6.
Further details of the publication showed that the Employment Index rose to 32.1 from 27.5 and the New Orders Index edged higher to 31.8 from 27.1.
Assessing the report, "three months into the manufacturing disruption caused by the coronavirus (COVID-19) pandemic, comments from the panel were cautious (two cautious comments for every one optimistic comment) regarding the near-term outlook," said Timothy R. Fiore, Chair of the ISM's Manufacturing Business Survey Committee. "As was the case in April, the PMI indicates a level of manufacturing-sector contraction not seen since April 2009; however, the trajectory improved."
Market reaction
The US Dollar Index largely ignored this data and was last seen losing 0.25% on the day at 98.05.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.