FOREX TradingCharts.com

Financial News: U.S. Manufacturing Activity Grows In May On New

U.S. Manufacturing Activity Grows In May On New Business Rebound - S&P Global

06/03/2024 - 10:22:00 (RTTNews)

(RTTNews) - U.S. manufacturing sector grew in May led by a rebound in new orders, albeit marginal, that led to faster growth in production and employment, final data from the purchasing managers' survey by S&P Global showed Monday. The seasonally adjusted S&P Global US Manufacturing Purchasing Managers' Index rose to 51.3 in May from the 50.0 no-change mark in April. The final PMI reading came in above the flash score of 50.9.

A reading above 50 suggest growth in the factory activity. The PMI reading signaled a modest improvement in the health of the manufacturing sector, the fourth in the past five months, S&P Global said.

New export orders grew at the fastest pace in two years, exceeding the rise in total orders amid signs of improving demand in Europe, and growth in new orders in Asia, Canada and Mexico. Employment rose for the fifth consecutive month, and at the sharpest pace since July 2023. The increase reflected positive expectations as well as the filling of previously vacant positions.

The survey also showed that input cost inflation accelerated for the third month in a row to hit the highest level since April 2023. Increased costs were attributed to higher prices for aluminium and copper and metals, and higher fuel costs feeding through to rising transportation prices.

Firms reacted to rising inflationary pressures with hikes in selling prices, but those were the slowest pace in five months.

Business confidence improved and better expectations regarding the outlook led to more hiring, a renewed rise in buying activity and a build-up of stocks of finished goods. "Although modest, the expansion in new work bodes well for production in the coming months. In fact, manufacturers cited confidence in the future as a factor contributing to increases in employment, purchasing activity and finished goods stocks," Andrew Harker, economics director at S&P Global Market Intelligence, said.

"Cost pressures continued to build, however, with inflation on that front the strongest in just over a year. Although output prices rose at a slower pace in May, this is unlikely to be sustainable should cost burdens ramp up further in the months ahead."

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


German Private Sector Expands Modestly In June (09 hr(s), 23 min(s), 29 sec(s) ago)
(RTTNews) - Germany's private sector expanded for the third straight month in June, though the ...Full Story»

U.S. Leading Economic Index Falls More Than Expected In May (10 hr(s), 03 min(s), 29 sec(s) ago)
(RTTNews) - A report released by the Conference Board on Friday showed its reading on leading U.S. ...Full Story»

U.S. Existing Home Sales Decrease Roughly In Line With Estimates In May (10 hr(s), 06 min(s), 29 sec(s) ago)
(RTTNews) - The National Association of Realtors released a report on Friday showing existing home ...Full Story»

UK Private Sector Grows At Slowest Pace In 7 Months (11 hr(s), 13 min(s), 29 sec(s) ago)
(RTTNews) - The UK private sector growth weakened to a seven-month low in June as the slowdown in ...Full Story»

UK Public Debt Highest Since 1960s; Budget Deficit Remains Below Estimate (11 hr(s), 54 min(s), 29 sec(s) ago)
(RTTNews) - The UK public sector net debt rose to its highest level since early 1960s, while publi ...Full Story»

German Private Sector Expands Modestly In June (12 hr(s), 48 min(s), 29 sec(s) ago)
(RTTNews) - Germany's private sector expanded for the third straight month in June, though the ...Full Story»

German Residential Property Prices Fall For 6th Quarter (13 hr(s), 04 min(s), 29 sec(s) ago)
(RTTNews) - House prices in Germany declined for a sixth consecutive quarter in the first three mo ...Full Story»

Ireland Wholesale Price Inflation Eases To 0.9% (13 hr(s), 29 min(s), 29 sec(s) ago)
(RTTNews) - Ireland's wholesale price inflation moderated in May to the lowest level in seven ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

German Private Sector Expands Modestly In June

06/21/2024 - 11:27 AM (RTTNews)
(RTTNews) - Germany's private sector expanded for the third straight month in June, though the ...Full Story>>

U.S. Leading Economic Index Falls More Than Expected In May

06/21/2024 - 10:47 AM (RTTNews)
(RTTNews) - A report released by the Conference Board on Friday showed its reading on leading U.S. ...Full Story>>

U.S. Existing Home Sales Decrease Roughly In Line With Estimates In May

06/21/2024 - 10:44 AM (RTTNews)
(RTTNews) - The National Association of Realtors released a report on Friday showing existing home ...Full Story>>

UK Private Sector Grows At Slowest Pace In 7 Months

06/21/2024 - 09:37 AM (RTTNews)
(RTTNews) - The UK private sector growth weakened to a seven-month low in June as the slowdown in ...Full Story>>

UK Public Debt Highest Since 1960s; Budget Deficit Remains Below Estimate

06/21/2024 - 08:56 AM (RTTNews)
(RTTNews) - The UK public sector net debt rose to its highest level since early 1960s, while publi ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.