US: Business activity growth rebounds in May, led by service sector - Markit

"The seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index revealed a modest rebound in private sector business activity growth in May. At 53.9, up from 53.2 in April, the headline index pointed to the strongest upturn in U.S. private sector output since February," said Markit on Tuesday.

• Flash U.S. Composite Output Index at 53.9 (53.2 in April). 3-month high
• Flash U.S. Services Business Activity Index at 54.0 (53.1 in April). 4-month high
• Flash U.S. Manufacturing PMI at 52.5 (52.8 in April). 8-month low
• Flash U.S. Manufacturing Output Index at 53.3 (53.5 in April), 8-month low

"Faster business activity growth was driven by the service sector (‘flash’ index at 54.0 in May), which more than offset the weakest rise in manufacturing production since September 2016 (‘flash’ output index at 53.3)."