The US Institute for Supply Management (ISM) manufacturing survey showed growth in economic activity in the manufacturing sector fell below market expectations in May, declining for the third consecutive month to 48.5, down 0.2 points from April’s reading of 48.7 and below market expectations of a rise to 49.3.
In detail, the new orders index contracted for the fourth consecutive month, falling to 47.6 from 47.2 in April, while the production index grew to 45.4 from 44 in April. Meanwhile, the price index remained stable.
The export index fell 3 points in May from April’s reading of 43.1, while the import index fell sharply in May to 39.9, a decrease of 7.2 points. The US dollar index is trading at 98.55 at the start of US trading, down about 0.75% since the start of the session, trading at its lowest level in a month.