US Composite Output Index hit a record of 68.1 in May, up from 63.5 in April, according to the IHS Markit press release. Output growth was mainly fueled by the sharpest upturn in the service sector as manufacturing also posted expansion.
Services Business Activity Index posted a record high of 70.1, up from April’s 64.7.
Manufacturing PMI climbed to a record high of 61.5, from 60.5 in April.
The Manufacturing Output Index rose to a 4-month high of 58.1, from April’s 57.2.
New order growth quickened for the fifth consecutive month in May as consumer confidence grew and the economy reopened.
Cost pressures broadened, with input price inflation rising to a record as material shortages caused concern among manufacturers.
Business confidence grew in May, with the degree of optimism higher than the series average.
US stocks and the dollar are currently gaining. SPY is up 0.61%, QQQ is up 0.38%, EURUSD is down 0.34%.
