Mixed PMI Data in May: Gold Price Recovers, US Economic Output and Business Activity Reach 13-Month Highs, Euro-Area Manufacturing Shrinks.
TL;DR Summary
Gold prices edged up after the preliminary manufacturing and service-sector sentiment data were released for May. While the US manufacturing PMI fell to 48.5, the service sector expanded with the PMI reading rising to 55.1. The US economy continued to expand in May, led by the service sector, but the manufacturing sector is struggling with over-filled warehouses and a dearth of new orders. The service sector is hiking prices, which puts upward pressure on problematic inflation.
- Gold price trims losses as U.S. manufacturing PMI cools in May but services activity still robust Kitco NEWS
- US economic output reaches a 13-month high in May Yahoo Finance
- Euro-Area Manufacturing PMI Shrinks to 44.6 in May Bloomberg Television
- US business activity rises to 13-month high in May, S&P Global survey shows Reuters
- Manufacturing Crashes Further While Services Boom: What You Need To Know About Latest US PMI Data - SPDR S&P 500 (ARCA:SPY) Benzinga
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