MarkIt PMI shows "only a modest rate of growth" in May

From MarkIt: Markit U.S. Manufacturing PMI™ – final data

The final Markit U.S. Manufacturing Purchasing Managers’ Index™ (PMI™)1 signalled a further improvement in manufacturing business conditions in May. However, at 52.3, up slightly from a six-month low of 52.1 in April and higher than the earlier flash estimate of 51.9, the PMI was consistent with only a modest rate of growth.
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Firms linked the increase in production to higher new order requirements. Incoming new work rose modestly in May, with the rate of increase stronger than the six-month low recorded in April and faster than signalled by the earlier flash estimate.
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Manufacturing employment in the U.S. rose further in May. Nonetheless, the rate of job creation was only modest and the weakest since last November.

“The May survey paints a downbeat picture of U.S. manufacturing business conditions. Output, order books and employment are all growing modestly, suggesting the sector is at risk of stalling. The main weakness is from export markets, where new orders fell marginally due to weakening global demand. [said Chris Williamson, Chief Economist at Markit]

“There is a possibility that growth may pick up again. The deteriorating export performance is being offset by rising demand in the domestic market, and large firms are reporting the strongest growth of new orders for just over a year.”

“However, the short-term outlook is one of subdued growth at best, suggesting the recent slowdown in the manufacturing economy will add to the likelihood of GDP growth weakening in the second quarter.”

The ISM PMI will be released at 10 AM today.