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Reading: US Manufacturing PMI falls to 48.7 in May, lower than expected 49.6
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Gulf Press > Business > Forex > US Manufacturing PMI falls to 48.7 in May, lower than expected 49.6
Forex

US Manufacturing PMI falls to 48.7 in May, lower than expected 49.6

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Last updated: 2024/06/03 at 2:15 PM
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The ISM Manufacturing PMI’s decline in May indicates ongoing contraction in the US manufacturing sector. This drop, from 49.2 in April to 48.7 in May, was below the market’s expectations of 49.6. The Employment Index saw a slight improvement to 51.1, while the New Orders Index fell to 45.4. Additionally, the Prices Paid Index, reflecting inflation, decreased to 57 from 60.9. This data shows that demand remains low, output is stable, and inputs are still readily available.

Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee, noted that US manufacturing activity continues to contract after experiencing growth in March. This growth marked the sector’s first expansion since September 2022. However, demand remains soft, output is consistent, and inputs are still easily accessible.

Following the release of the PMI data, the US Dollar (USD) faced further selling pressure. The USD Index was down 0.28% at 104.33 at the time of the report. This decline indicates that investors are reacting negatively to the disappointing PMI figures, which suggest economic weakness in the manufacturing sector.

Overall, the PMI data reveals a concerning trend of contraction in the US manufacturing sector. With the Employment Index improving slightly but New Orders falling, it’s clear that challenges persist in the industry. The decrease in the Prices Paid Index also highlights a moderation in inflationary pressures, which could impact future economic decisions.

Moving forward, it will be important to monitor how policymakers and market participants respond to this PMI data. The continued contraction in manufacturing activity raises questions about the health of the US economy and its ability to recover from the ongoing challenges. The USD’s decline following the report underscores the importance of this data in shaping sentiment and market expectations.

In conclusion, the latest ISM Manufacturing PMI data paints a picture of ongoing contraction in the US manufacturing sector. With key indices such as New Orders and Prices Paid showing declines, it’s clear that challenges persist in the industry that could have broader implications for the economy. As investors react to this data by putting pressure on the US Dollar, it’s evident that market sentiment is being influenced by these economic indicators.

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