S&P PMIs Mixed as Services Decline and Manufacturing Increases

The preliminary S&P Global US PMIs for May showed a mixed performance: the services index softened to 50.9, while the manufacturing index rose to 55.3, a multi-year high.

Key Takeaways

• 1.The S&P Global US Services PMI declined slightly to 50.9 in May, missing consensus expectations.
• 2.The S&P Global US Manufacturing PMI increased to 55.3, reaching its highest level since May 2022.
• 3.Inflationary pressures surged, with manufacturing input and output prices hitting their highest levels since mid-2022.

Table of Contents

• BOTTOM LINE
• KEY NUMBERS
• MAIN POINTS
• Disclosure Appendix

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