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US: Markit Manufacturing PMI comes in at 50.5 in May vs. 50.6 expected
The IHS Markit's Manufacturing PMI in the U.S. (final) came in at 50.5 in May following April's 52.6 reading and fell short of the market expectation of 50.6. With the initial reaction, the US Dollar Index extended its daily decline and was last seen at its lowest level since May 16 at 97.54, losing 0.07% on a daily basis.
Key takeaways from the press release
- May survey data signalled only a marginal improvement in the health of the U.S. manufacturing sector.
- The headline PMI fell to its lowest level since September 2009.
- A key factor weighing on the headline reading was the softest expansion of output since June 2016.
- Manufacturers signalled the first decline in new orders since August 2009.
- Manufacturers exhibited a lower degree of confidence towards output over the coming year.
- On the price front, cost burdens increased at only a modest rate in May.
- Meanwhile, firms signalled a further increase in employment in May.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
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