Reported 4 months ago
US manufacturing activity slowed for a second straight month in May, as new goods orders dropped significantly and construction spending fell unexpectedly in April. The Institute for Supply Management's manufacturing purchasing managers index for May fell to 48.7 from 49.2 in April, indicating a gradual economic slowdown. The data also showed declines in both non-residential construction activity and consumer spending, pointing to continued sluggishness in the economy. The reports have raised expectations for the Federal Reserve to lower interest rates in September. Construction spending fell 0.1% in April, with declines in private and public projects, though some sectors like single-family residential construction showed slight improvements.
Source: YAHOO