US business activity has eased moderately in May on higher prices cooling demand for services as renewed supply chain constraints hampered production at factories.
- The S&P Global’s flash US Composite PMI Output Index dropped to a reading of 53.8 this month from 56.0 in April. That growth pace further led to the deterioration in supplier delivery times and weaker demand growth.
- The flash composite orders index edged down to 54.5 this month from 56.6 in April.
- Chris Williamson, a chief business economist at S&P Global Market Intelligence, stated that companies reported that they are coming under significant pressure due to rising cost of living, higher interest rates, and a wider economic slowdown.
The survey’s flash manufacturing PMI dropped to a reading of 57.5 this month from 59.2 in April. The US services sector PMI dropped to 53.5 this month from 55.6 in April.
DXY down -0.25%, EURUSD up +0.35%
Source: S&P Global
