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The Purchasing Managers’ Index (PMI) for the manufacturing sector fell 2.1 points to 43.2 points in May, Credit Suisse said on Thursday. This is the lowest level since June 2020. Economists polled by the AWP news agency had forecast higher readings, in the range of 44.5 to 46.5 points.
In the communique, it was stated that the production volume still continues to decrease and the decreasing orders mean that a reversal of the trend cannot be expected in the near future. In particular, the «Production» subcomponent dropped again. It is now at its lowest level since June 2020, with a repeat drop in May. The subcomponent, which measures backlog orders, even fell to a multi-year low. Accordingly, the decline in industrial activity should continue for a while.
Meanwhile, the solid employment situation is positive. In purchasing, the companies gave the signal that everything was ok with shorter waiting times.
The services PMI, which is mostly for domestic consumption, improved slightly in May. It remains above the growth threshold, increasing by 0.4 points to 52.6 points.
The increase is explained by strong consumption and broad-based increase in backlog. According to the report, inflationary pressures also seem to be easing. Economists had mainly expected the indicator to brighten.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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