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- U.S. manufacturing activity expands more than initially estimated in May - HIS Markit
U.S. manufacturing activity expands more than initially estimated in May - HIS Markit
The
latest report by IHS Markit revealed on Tuesday the seasonally adjusted IHS
Markit final U.S. Manufacturing Purchasing Managers’ Index(PMI) came in at 62.1
in May, up from 60.5 in April and from the earlier released “flash” reading of
61.5. The May reading pointed to another record growth in factory activity in
the 14-year series history.
Economists
had forecast the index to stay unrevised at 61.5.
According
to the report, the May gain in headline figure was supported by stronger
expansions in output and new orders, with the pace of the latter reaching the
fastest on record. Nonetheless, constraints on production capacity were
exacerbated further during the month, as severe supply-chain disruptions led to
a marked accumulation of backlogs of work and one of the quickest rises in
input prices since data collection began in May 2007.
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