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US Private Sector Growth Drops to Four-Month Low on Inflation, Weak Demand

May 24, 2022 by Forex Winner Leave a Comment

US Private Sector Growth Drops to Four-Month Low on Inflation, Weak Demand

Source: Markit Economics

Private sector expansion in the United States slipped to a four-month low in May on the back of inflationary pressures and slower demand during the month. QQQ is down 3.35%, while SPY is down 2.12%.

  • The Flash US PMI Composite Output Index was recorded at 53.8, lower than the 56.0 in the previous month.
  • Manufacturers and providers attributed the slowdown to the inflationary uptick, weaker supplier delivery times, and slower demand growth.
  • New order growth fell to the softest pace since August 2020, driven mainly by manufacturing firms. New export orders also eased to a four-month low.
  • The Services Business Activity Index stood at 53.5, lower than the 55.6 in April and the weakest in four months.
  • The Manufacturing Output Index stood at a three-month low of 55.2, following the 57.6 in April. Manufacturing PMI fell to a three-month low of 57.5 from 59.2.
  • Business confidence remained upbeat, with firms indicating stronger optimism over the coming year.

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