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US business activity growth falters to three-year low
May PMI data revealed a further slowdown in U.S. private sector output growth in May, as a struggling manufacturing economy was accompanied by a notable downshift in gear in the service sector. At 50.9 in May, down from 53.0 in April, the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index indicated the slowest expansion in overall business activity since May 2016. The composite index is based on original survey data from IHS Markit’s PMI surveys of both services and manufacturing. The muted rise in output was attributed to softer demand conditions and subdued growth of new orders. The rise in new ... (full story)
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