Private sector firms across the US signalled an unprecedented expansion in business activity in May. Growth was driven by the fastest service sector upturn on record, with the increase in manufacturing output also accelerating amid stronger client demand. Adjusted for seasonal factors, the IHS Markit Flash U.S. Composite PMI Output Index posted 68.1 in May, up from 63.5 in April. The rate of expansion was unprecedented after surpassing April’s previous series record. Goods producers and service providers alike noted stronger paces of activity growth midway through the second quarter. The rise in new orders quickened ... (full story)