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- U.S. services PMI signals slowest business activity growth since February 2016 - HIS Markit
U.S. services PMI signals slowest business activity growth since February 2016 - HIS Markit
The latest
report by IHS Markit revealed on Friday the seasonally adjusted final IHS
Markit U.S. Services Business Activity Index (PMI) stood at 50.9 in May, down
from 53.0 in April, but was in line with the earlier released “flash” figure.
The reading
signaled the slowest business activity expansion across the U.S. service sector
since the current period of growth began in February 2016.
Economists had
forecast the index to stay unrevised at 50.9.
According to
the report, new orders received by service providers increased at the softest
pace since March 2016, and business confidence fell to its lowest level since
June 2016. Meanwhile, the job creation rate accelerated. On the price front, input
prices increased at a softer and only marginal pace in May, while the rise in
cost burdens was the slowest since September 2016.
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