Some colour from Markit on a very...........>

US DATA: Some colour from Markit on a very downbeat May PMI release (both

Composite and Services at 50.9 vs 53.0 last month, Mfg at 50.6 vs 52.6):

- On Composite PMI: "The muted rise in output was attributed to softer demand

conditions and subdued growth of new orders. The rise in new business in May was

the softest recorded since the series began in October 2009. Consequently, firms

put the brakes on hiring. The latest increase in employment was only marginal

and the smallest for just over two years. Companies also noted little strain on

capacity due to weak demand, and reported the first decline in backlogs of work

since June 2017."

- Markit's Chief Business Economist Chris Williamson: "A decline in the headline

'flash' PMI to its lowest for three years pushes the survey data down to a level

historically consistent with GDP growing at an annualised rate of just 1.2% in

May. Worse may be to come, as inflows of new business showed the smallest rise

seen this side of the global financial crisis. Business confidence has meanwhile

slumped to its lowest since at least 2012, causing firms to tighten their belts,

notably in respect to hiring."