Manufacturing Activity Picks Up

U.S. business activity growth sped up in May to its fastest pace in more than two years, according to the S&P Global Flash U.S. Manufacturing Purchasing Managers’ Index (FXStreet).

What’s going on: The manufacturing PMI for this month came in at 50.9, higher than last month’s 50.0, which is where economists had forecast this month to land.

Meanwhile, the S&P Global Composite PMI rose to 54.4 in May from 51.3 in April.
Any reading above 50 indicates expansion.

What it means: “The U.S. economic upturn has accelerated again after two months of slower growth,” said S&P Global Market Intelligence Chief Business Economist Chris Williamson in a news release. “The data put the U.S. economy back on course for another solid GDP gain in the second quarter.”