The price of gold has risen as Bitcoin s value has plunged, and the economic recovery from the pandemic is threatened by indications of impending inflation.
by Tyler Durden
Friday, May 21, 2021 - 09:54 AM
Following the surprisingly large surge in Services in April, May s preliminary PMIs were expected to fade only modestly from record highs. But, despite US macro data dropping into the red for the first time since June 2020, Services exploded even higher and Manufacturing rose to another new record high.
US Manufacturing 61.5 (Record high) from 60.5 prior, better than the 60.2 expected
US Services 70.1 (Record high) from 64.7 prior, better than the 64.3 expected
Source: Bloomberg
business confidence slipped to a seven-month low in May.
Adjusted for seasonal factors, the IHS Markit Flash U.S. Composite PMI Output Index posted 68.1 in May, up from 63.5 in April - the strongest in the world.
5/21/2021 8:32:13 AM GMT | By Dhwani Mehta
UK Manufacturing PMI beats estimates with 66.1 in May.
Services PMI in the UK eases to 61.8 in May, a miss.
GBP/USD keeps its range below 1.4200 amid mixed UK PMIs.
The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) jumped to 66.1 in May, the highest since Jan 1992, versus 60.0 expected and 60.9 – April’s final reading.
Meanwhile, the Flash UK Services Business Activity Index for May rose to 61.8 versus April’s final readout of 61.0 and 62.0 expected. The index reached the highest levels in 93 months.
Chris Williamson, Chief Business Economist at IHS Markit, commented on the survey
5/21/2021 1:55:46 PM GMT | By Eren Sengezer
US Manufacturing PMI rose to a new series high in May.
US Dollar Index rose above 90.00 after the data.
The business activity in the US manufacturing sector continued to expand at a robust pace in May with the IHS Markit s Manufacturing PMI rising to a new series high of 61.5 from 60.5 in April. This reading came in better than the market expectation of 60.2.
Further details of the publication revealed that the Employment Index edged lower to 53.3, the lowest level since December, from 55.7 in April. On a negative note, input costs rose in May at a pace not seen since July 2008, the IHS Markit noted.
Markit May prelim US services PMI 70.1 vs 64.4 expected
Fri 21 May 2021 13:45:03 GMT
Record highs in services, manufacturing and composite (series began in 2009)
Prior was 64.7
Services new orders hit a record
Services input prices hit a record
Manufacturing new orders hit a record
Manufacturing order backlogs hit a record
Manufacturing business confidence hit a seven-month low on capacity and raw materials shortages That s a huge beat on an important forward-looking indicator and wipes away some of the uneasy that s been in markets since the US jobs report.
Commenting on the PMI data, Chris Williamson,
Chief Business Economist at IHS Markit, said: The US economy saw a spectacular acceleration of