The U.S. Manufacturing PMI Fell Back Into Contraction in May At 48.5

Recently, according to the latest data from S&P Global, the preliminary Markit services PMI in the US came in at 55.1 in May, higher than the expected 52.5 and the previous 53.6, a 13-month high. The Markit manufacturing sector's preliminary reading of 48.5 in May missed expectations for a reading of 50 and was below the previous reading of 50.2, a three-month low and back below the 50-point mark. The Markit composite PMI hit a 13-month high of 54.5 versus 53 expectations and 53.4.