Source: S&P Global
Business activity growth in the United States slowed in May, marking the lowest level in four months. QQQ is down 2.92%, while SPY is down 1.76%.
- The S&P Global US Services PMI Business Activity Index fell to 53.4 in May from 55.6 in April, broadly in line with the earlier estimate of 53.5.
- The latest reading is the slowest since January, dragged by inflation, labor shortages, and supply chain issues.
- New business growth slowed to the weakest since September 2021, dragged by lower spending on services during the month.
- New export orders for services slowed from the record-high in April, but the rate continued to be above the series average.
- Inflation issues hovered around historic highs in May, with cost burdens growing at a record-high. Input prices also grew on fuel and energy costs.
- Output outlook for the year ahead remained upbeat, with confidence higher than the reading recorded in April.