Unexpectedly, US economic activity accelerates to a 13-month high


According to a survey from financial data firm IHS Markit, U.S. business activity unexpectedly quickened to a 13-month high in May. Manufacturing demand fueled the surge, while services industries saw weaker growth. The IHS Markit Flash U.S. Composite Purchasing Managers’ Index jumped to a reading of 58.6.

The measure of private-sector activity is set to be the highest since April 2020, when factories and other businesses were just beginning to reopen after nationwide restrictions imposed to contain the Covid-19 pandemic. “The US economy has regained some of the growth momentum seen at the start of the year and is closing in on the pre-pandemic norm of mid-60s PMIs,” IHS Markit chief business economist Chris Williamson said in a statement.