US economic output reaches a 13-month high in May, Yahoo Finance, 5/23/23
(Flat out incorrect title. Rather it grew at the fastest rate in 13 months. Still obviously positive. Actually better news than what the headline indicates -- the headline incorrectly indicates that the economy has reached about the same level as it was 13 months ago, like it was recovering from some plunge. -Progree)
The US economy is growing at the fastest pace since April 2022. That's according to new data from S&P Global released Tuesday morning.
S&P Global's flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 54.5 in May, up from 53.4 in April and better than the 53.0 that had been expected by economists. This marked a 13-month high for the index.
This increase was entirely driven by an uptick in the services sector. The services component of S&P's report showed the index registered 55.1 this month, up from 53.6 in April. Manufacturing activity, however, contracted in May with the index registering 48.5, the lowest in two months.
"While service sector companies are enjoying a surge in post-pandemic demand, especially for travel and leisure, manufacturers are struggling with over-filled warehouses and a dearth of new orders as spending is diverted from goods to services."
... On both the services and manufacturing side, however, S&P's report showed the labor market remains strong. In the services sector, hiring hit a 10-month high in May. On the manufacturing side, hiring this month was the strongest since September 2022.
More:
https://finance.yahoo.com/news/us-economic-output-reaches-a-13-month-high-in-may-142642778.html
Re that index they use, "50" means treading water. Over 50 means growing. Under 50 means going down.
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