US PMI BEATS EXPECTATIONS, RISES TO 52.3

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Markit's PMI survey results for the month of May are out.

The headline index rose to 52.3 from the flash estimate of 51.9 published earlier this month and 52.1 in April.

The consensus estimate was for a smaller tick up to 52.0.

Markit's Purchasing Managers Index is a measure of American manufacturing activity. Any reading above 50 on the index indicates expansionary conditions, whereas any number below 50 indicates contraction.

So, today's 52.3 reading on the index suggests a slight acceleration in the expansion of American manufacturing in May.

Below is a summary of the data from the release:

Modest increases in both output and new ordersWeakest rise in employment since last NovemberRate of input price inflation quickens, but remains slower than series average

Summary

The final Markit U.S. Manufacturing Purchasing Managers’ Index™ (PMI™) signalled a further improvement in manufacturing business conditions in May. However, at 52.3, up slightly from a six-month low of 52.1 in April and higher than the earlier flash estimate of 51.9, the PMI was consistent with only a modest rate of growth.

The table below shows the various sub-components of the index:

Click here for the full release >

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