Markit Economics released its final manufacturing purchasing managers’ index (PMI) for the U.S. on Wednesday. The U.S. final manufacturing purchasing managers’ index (PMI) decreased to 50.7 in May from 50.8 in April, up from the preliminary estimate of 50.5. It was the lowest level since September 2009.
A reading above 50 indicates expansion in economic activity.
The index was driven by a slower pace of growth in new business, while output declined for the first time since September 2009.
“The survey data indicate that factory output fell in May at its fastest rate since 2009, suggesting that manufacturing is acting as a severe drag on the economy in the second quarter,” Markit’s Chief Economist Chris Williamson said.
“For those looking for a rebound in the economy after the lacklustre start to the year, the deteriorating trend in manufacturing is not going to provide any comfort,” he added.
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