US: Manufacturing PMI slips to eight-month low in May - Markit

"Manufacturing Purchasing Managers’ Index was above the 50.0 no-change value, but signaled the weakest improvement in business conditions since last September," reported Markit on Thursday.

Key quotes:

• The latest reading pointed to a further growth slowdown from the 22-month high recorded in January (55.0). Weaker new business growth and softer job creation helped to offset a marginally stronger upturn in production volumes
• May data indicated that manufacturing output increased for the twelfth month running. The rate of expansion picked up slightly from April’s seven-month low, but remained relatively modest overall
• New order levels increased again in May, although the rate of expansion was the least marked recorded since September 2016
• Manufacturing firms noted that sustained staff hiring had helped to alleviate capacity pressures
• Payroll numbers increased at a modest pace in May, although the latest rise was much softer than the 18-month peak seen in December 2016