US manufacturing PMI in May falls to 6-month low

By Ovunc Kutlu

ISTANBUL (AA) - The US manufacturing PMI in May declined to its lowest level in six months, according to a report by S&P Global on Friday.

The manufacturing purchasing managers' index (PMI), which measures the activity of managers in the manufacturing sector, fell 2.1 points to 46.3, down from 48.4 last month, according to flash estimates by the financial services company.

The expectation for manufacturing PMI was to come in at 48.5.

A reading below 50 represents contraction, while above 50 indicates expansion in the sector.

"The decline in the health of the sector was the most severe in 2023 to date and stemmed from a marked reduction in new orders," the report said.

"Manufacturers recorded the fastest rate of contraction in new orders since December 2022, with weak demand linked to muted customer confidence," it added.