U.S. manufacturing activity growth near 10-year low: Markit

WASHINGTON: U.S. manufacturing progress sputtered in Might, measuring its weakest tempo of exercise in practically a decade and new orders fell for the primary time since August 2009 because the U.S.-China commerce battle intensified, information from IHS Markit confirmed on Thursday.

In its “flash” Buying Managers Index for Might, Markit mentioned its U.S. Manufacturing PMI declined to 50.6 from a last studying of 52.6 in April, marking the bottom stage since September 2009. Wall Road economists polled by Reuters had a consensus forecast of 52.5.

Learn Extra: U.S. job growth surges; unemployment rate drops to 3.6 %

The weak spot in manufacturing was mirrored to a big diploma within the companies sector, the place Markit’s flash Providers Enterprise Exercise Index dropped to 50.9 this month from 53.zero in April, the bottom since February 2016. Economists had forecast a studying of 53.2.

The mixed softness within the two readings introduced Markit’s general U.S. Composite Output Index to 50.9, the bottom since March 2016, from 53.zero final month.

“Progress of enterprise exercise slowed sharply in Might as commerce battle worries and elevated uncertainty dealt an extra blow to order ebook progress and enterprise confidence,” IHS Markit Chief Enterprise Economist Chris Williamson mentioned in a press release.

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