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No Let Up In US PMI Price Pressures

DATA REACT
  • The US S&P Global composite PMI was notably softer than expected in the preliminary May release. Manufacturing softened as indicated in softer regional Fed surveys but services joined the surprising slide seen in the Eurozone and particularly the UK earlier.
  • The press release makes clear the impact higher price pressures are having: “[the data] indicated a slower expansion in business activity across the US private sector during May. Manufacturers and service providers signalled softer upturns in output amid elevated inflationary pressures, a further deterioration in supplier delivery times and weaker demand growth.”
  • The input price component touched a new series high (from Oct-2009) with the manufacturing-specific series also accelerating and among the fastest in the longer standing series history. This feeds through to selling prices, which although eased from a record April but are the second highest reading on record.
  • That said there was some optimism further ahead, with firms "buoyed by ongoing sales growth and investment in local supply chains which it is hoped will ease bottlenecks".
  • Front-end Tsy yields sit further 2bps lower since the release, extending the day’s rally to -8bps extend a rally from beforehand that had accelerated on a weak US open. BBDXY -0.1% since the release for -0.25% on the day.
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