NEW YORK (Dow Jones) — Activity in the US economy picked up in May, according to a survey by S&P Global. The composite index for production in the private sector – industry and service providers together – collected by S&P Global rose to 54.5 from 53.4 points in the previous month. Above 50 points, the economic barometer signals growth, below 50 a shrinking economy.
The manufacturing PMI fell to 48.5 from 50.2 in the previous month. Economists had expected a reading of 50.0. The service sector index rose to 55.1 from 53.6 points. Here the prognosis was 52.6.
The gap between the service sector and the manufacturing sector is widening, said chief economist Chris Williamson. Services, especially in tourism and leisure activities, would continue to be in demand after the end of the pandemic and could increase prices. However, the manufacturers would suffer from excessive inventories and a lack of new orders.
Link: https://www.pmi.spglobal.com/Public/Release/PressReleases
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(END) Dow Jones Newswires
May 23, 2023 09:58 ET (13:58 GMT)