FOREX TradingCharts.com

Financial News: US Private Sector Growth Fastest In Over 2

US Private Sector Growth Fastest In Over 2 Years As Demand Rebounds - S&P Global

06/05/2024 - 13:19:00 (RTTNews)

(RTTNews) - U.S. private sector activity rose at the fastest pace in over two years in May led by strong gains in output and new orders across both the manufacturing and services sectors, the purchasing managers' survey findings from S&P Global showed Wednesday. The S&P Global final US Composite PMI, which combines manufacturing and services, rose to 54.5 from 51.3 in April. A reading above 50 suggest growth in the private sector.

The final reading was the strongest since April 2022 and also a tad higher than the flash score of 54.4.

A renewed increase in new orders led the S&P Global final US Services PMI to a one-year high of 54.8 in May from 51.3 in April. The reading was unchanged from its flash score and the sector has now expanded in each of the past 16 months.

"Coming on the back of a similar acceleration in the manufacturing sector, the data suggest a healthy pace of expansion in the US private sector approaching the midway point of the year," Andrew Harker, economics director at S&P Global Market Intelligence, said.

New orders in the services sector grew in May after the first fall in six months in April, thanks to marketing efforts that secured new business and improvements in economic conditions.

However, new export orders shrunk for the fourth month in a row and at the fastest pace since January last year, as price hikes hurt external demand.

"It was not all positive in May, however, with services employment down for the second month running as firms wait to see whether the renewed rise in new business will be sustained before committing to new hires," Harker said.

"Despite lower employment, wage pressures remained a key factor pushing up input costs, which increased sharply again in May and prompted a faster increase in selling prices, providing further evidence that inflation remains sticky."

Business confidence strengthened modestly amid signs of improvement in demand.

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


Australia Unemployment Data Due On Thursday (05 hr(s), 45 min(s), 51 sec(s) ago)
(RTTNews) - Australia will on Thursday release May figures for unemployment, highlighting a light ...Full Story»

What Makes This Economist Think Two Fed Rate Cuts Are Possible This Year? (08 hr(s), 19 min(s), 51 sec(s) ago)
(RTTNews) - The U.S. Federal Reserve left the federal funds rate target unchanged on Wednesday and ...Full Story»

Fed Leaves Interest Rates Unchanged, Forecasts Just One Rate Cut This Year (09 hr(s), 19 min(s), 51 sec(s) ago)
(RTTNews) - While announcing its widely expected decision to leave interest rates unchanged on Wed ...Full Story»

U.S. Crude Oil Inventories Unexpectedly Jump By 3.7 Million Barrels (13 hr(s), 01 min(s), 51 sec(s) ago)
(RTTNews) - Crude oil inventories in the U.S. unexpectedly saw a significant increase in the week ...Full Story»

U.S. Consumer Prices Unexpectedly Flat In May, Annual Growth Slows To 3.3% (14 hr(s), 16 min(s), 51 sec(s) ago)
(RTTNews) - With a steep drop in gasoline prices partly offsetting a continued increase in shelter ...Full Story»

Thailand Leaves Policy Rate Steady At 2.50% (14 hr(s), 21 min(s), 51 sec(s) ago)
(RTTNews) - Thailand's central bank decided to keep the interest rate unchanged for the fourth ...Full Story»

India Industrial Output Growth At 3-Month Low (14 hr(s), 22 min(s), 51 sec(s) ago)
(RTTNews) - India's industrial production growth moderated to a three-month low in April but t ...Full Story»

U.S. Mortgage Applications Show Substantial Rebound (14 hr(s), 34 min(s), 51 sec(s) ago)
(RTTNews) - After reporting two consecutive weekly decreases in U.S. mortgage applications, the Mo ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Australia Unemployment Data Due On Thursday

06/12/2024 - 18:01 PM (RTTNews)
(RTTNews) - Australia will on Thursday release May figures for unemployment, highlighting a light ...Full Story>>

What Makes This Economist Think Two Fed Rate Cuts Are Possible This Year?

06/12/2024 - 15:27 PM (RTTNews)
(RTTNews) - The U.S. Federal Reserve left the federal funds rate target unchanged on Wednesday and ...Full Story>>

Fed Leaves Interest Rates Unchanged, Forecasts Just One Rate Cut This Year

06/12/2024 - 14:27 PM (RTTNews)
(RTTNews) - While announcing its widely expected decision to leave interest rates unchanged on Wed ...Full Story>>

U.S. Crude Oil Inventories Unexpectedly Jump By 3.7 Million Barrels

06/12/2024 - 10:45 AM (RTTNews)
(RTTNews) - Crude oil inventories in the U.S. unexpectedly saw a significant increase in the week ...Full Story>>

U.S. Consumer Prices Unexpectedly Flat In May, Annual Growth Slows To 3.3%

06/12/2024 - 09:30 AM (RTTNews)
(RTTNews) - With a steep drop in gasoline prices partly offsetting a continued increase in shelter ...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.