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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- The May service PMI was revised down 0.2pts to 54.9 in the final May release, leaving a still reasonable increase on the month from 53.6.
- From the press release: “Output rose at the fastest rate for just over a year, supported by a strong expansion in new business. The upturn in new orders was driven by improved demand conditions in both domestic and export markets.”
- Solid employment: “At the same time, firms stepped up their hiring activity again, with employment increasing at a solid pace.”
- Softer price implications at the margin: “Rates of both input price and output charge inflation softened since April though remained elevated” whilst “Sufficient capacity to process incoming new business allowed companies to reduce backlogs of work for the first time in four months”.
- The US continued to see a two-speed economy as manufacturing lags (48.4 in May) resurgent service activity. S&P Global see the data as indicative of real GDP growth just over 2% annualized, with the composite of 54.3 (revised down from prelim 54.5) at its highest since Apr'22, but we wait for the incoming ISM Services release.
Source: S&P Global
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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