Driven by new orders, the Markit manufacturing PMI initial value for May reached 52.3, a three-month high, with expectations at 49.9 and the previous value at 50.2; the service industry PMI initial value also stood at 52.3, marking a two-month high, with expectations at 51 and the previous value at 50.8; the composite PMI initial value was 52.1, with expectations at 50.3 and the previous value at 50.
6. On Thursday, May 22nd, data released by S&P Global showed that the new orders sub-index rose to 53.3, the highest since February 2024, and has been expanding for five consecutive months. Companies’ expectations for future output also reached the highest level since February. The manufacturers’ raw materials and other input inventory index soared to the highest level since the survey data began in 2007. The collection time for this Markit PMI survey data was from May 12th to 21st. In a statement, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, commented: Compared to the worrying decline in April, business confidence in May has improved, and the pessimism of companies about the prospects for the next year has eased, largely due to the decision to suspend the imposition of additional tariffs. Part of the reason for the economic rebound in May may be that companies and their customers are trying to act before potential tariff issues in the future, especially in the context of further tax increases after the 90-day suspension period ends on July 9th. Financial and economic blog Zerohedge commented that a series of soft data, such as surveys from regional Federal Reserve banks and private sector sentiment indicators, have been “singing the blues” loudly, but “hard data” has always performed well. On Thursday, the most important piece of “soft data” PMI survey finally “surrendered,” rebounding sharply, with both US manufacturing and service PMI exceeding expectations. Risk warning and disclaimer: The market is risky, and investment should be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Responsibility for investment based on this is at one’s own risk.
