May U.S. PMI Composite ahead of consensus and higher M/M

• May U.S. PMI Composite Flash:  68.1  vs. 63.5 prior
• PMI rate of expansion came in unmatched after exceeding April's previous series record; goods producers and service providers alike noted stronger paces of activity growth midway through Q2.
• Manufacturing PMI: 61.5 vs. 60.2 consensus and 60.5 prior
• Services PMI: 70.1 vs. 64.5 consensus and 64.7 prior (sharpest rise since data collection commenced in October 2009)
• The rise in new orders quickened for the fifth consecutive month (May); some manufacturers also noted higher order volumes from clients led by material shortages and efforts to stockpile amid rising costs.
• "With businesses optimistic about the outlook, backlogs of orders rising sharply and demand continuing to pick up both at home and in export markets, the scene is set for strong economic growth to persist through the summer," Chris Williamson, Chief Business Economist at IHS Markit commented.