- US Markit Services PMI rebounds from record lows set in April.
- US Dollar Index stays below 97.50 after the data.
The IHS Markit’s Services Purchasing Managers’ Index (PMI) for the US rose to 37.5 in May’s final reading from the all-time low of 26.7 set in April. This reading came in better than the market expectation and the previous estimate of 36.9.
Further details of the report revealed that the Composite PMI improved to 37 from 27.
Commenting on the data, “the PMI numbers indicate that the US economy remained in a steep downturn in May,” said Chris Williamson, Chief Business Economist at the IHS Markit. “Encouragingly, the rate of contraction has eased considerably since the height of the lockdown in April as some firms get back to work and economic activity starts to resume.”
Market reaction
The US Dollar Index edged slightly lower after this data and was last seen losing 0.2% on the day at 97.47.
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