US: Non-manufacturing PMI improves to 58.6 in May from 56.8 in April - ISM

Eren Sengezer FXStreet

Reporting on the economic activity in the non-manufacturing sector, "the NMI registered 58.6 percent, which is 1.8 percentage points higher than the April reading of 56.8 percent," the Institute for Supply Management announced.

Key quotes

This represents continued growth in the non-manufacturing sector at a faster rate.
The New Orders Index registered 60.5 percent, 0.5 percentage point higher than the reading of 60 percent in April.
The Employment Index increased 0.5 percentage point in May to 54.1 percent from the April reading of 53.6 percent.
The Prices Index increased by 2.5 percentage points from the April reading of 61.8 percent to 64.3 percent, indicating that prices increased in May for the 27th consecutive month.
The majority of respondents are optimistic about business conditions and the overall economy.
There continue to be concerns about the uncertainty surrounding tariffs, trade agreements and the impact on cost of goods sold.

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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