May U.S. PMI Composite revised higher, beating consensus, ISM non-manufacturing index exceeds expectations

• May U.S. PMI Composite (Final): 68.7 vs. 68.1 consensus and 68.1 prior.
• Signals steepest upturn in business activity since data collection began in October 2009.
• The overall upturn was supported by a sharper expansion in new business. Rates of growth were the fastest on record in both the manufacturing and service sectors, IHS Markit said.
• Services PMI: 70.4 vs. 70.1 consensus and 70.1 prior.
• Inflationary pressures increased in May. As a result, firms tried to pass on the higher costs to clients, with the pace of charge inflation rising to a new series high.
• Rate of job creation softened from April as firms were challenged in finding suitable job candidates.

• May ISM Non-Manufacturing Index: 64 vs. 63 consensus, 62.7 prior.
• Business activity 66.2 vs. 67.2 consensus, 62.7 prior.
• Employment 55.3 vs. 58.8 prior.
• New order 63.9 vs. 63.2 prior.
• Prices 80.6 vs. 76.8 prior.