Breaking: ISM Non-Manufacturing PMI recovers to 45.4 in May vs. 44 expected
|The economic activity in the US' service sector contracted for the second straight month in May with the Institute for Supply Management's (ISM) Non-Manufacturing PMI arriving at 45.4 in May.
This reading following April's print of 41.8 and came in better than the market expectation of 44.
Further details of the report revealed that the New Orders Index rose to 41.9 from 32.9 and the Employment Index edged higher to 31.8 from 30.
"Respondents remain concerned about the ongoing impact of the coronavirus," said Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee. "Additionally, many of the respondents’ respective companies are hoping and/or planning for a resumption of business.”
Market reaction
The US Dollar Index edged lower with the initial reaction and was last seen losing 0.28% on the day at 97.40.
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