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United States PMI May 2024

United States: Manufacturing PMI rises in May

The S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) rose to 51.3 in May from 50.0 in April. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in manufacturing-sector operating conditions compared to the previous month.

May’s PMI increase was primarily driven by a resurgence in new orders, which supported faster expansions in production and employment. Moreover, new export orders surged at the fastest pace in two years, on the back of improved demand from Europe, Asia, Canada and Mexico.

May witnessed an acceleration in input cost inflation, which reached a 13-month high due to higher costs for metals like aluminum and copper, as well as increased fuel costs. Despite higher input cost pressures, the rise in selling prices moderated to a five-month low. Finally, business confidence improved.

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