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US manufacturing PMI declines further in May: Markit

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/05/2016 (15:10)
According to a flash purchasing managers’ index (PMI) released by Markit Economics, manufacturing in the US continued to fall due to a stronger dollar, weak global demand and a downturn in energy markets.

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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