May Sees Further Steep Fall in Output Amid COVID-19 Crisis
U.S. private sector firms reported a slightly slower rate of contraction of activity in May, as the economy began to reopen. That said, the fall in output was substantial, as both manufacturers and service providers indicated marked declines in client demand.
Adjusted for seasonal factors, the IHS Markit Flash U.S. Composite PMI Output Index posted 36.4 in May, up from 27.0 in April, but nonetheless indicating the second-sharpest decline in business activity since the series began in late-2009.
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