US manufacturing PMI declines further in May: Markit
The May manufacturing PMI fell to a reading of 50.5 following a reading of 50.8 in April, missing economists’ estimates, which called for a reading of 51.0. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.
Manufacturers in the US refrained from spending due to economic uncertainty while reducing their production schedules. Production fell for the first time since September 2009. Some economists commented that weak manufacturing will keep putting pressure on economic growth in the second quarter.
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