UPDATE:
U.S. manufacturing grew at its slowest rate in three months, new data out of Markit Economics shows.
The key U.S. PMI reading registered at 54.0, slightly above a preliminary reading that pegged the figure at 53.9.
However, that represents a substantial dip from the 56.0 reading in April. Markit attributed the weakness to lower order books, employment needs, and output.
"The weakest order book trend was seen for producers of consumer goods, as has been the case over the past year, where a further easing in the rate of increase was reported in May," Markit Economics said in its release. "However, producers of investment goods, such as plant and machinery, saw an especially steep easing in growth of new orders, with the May survey showing one of the smallest inflows of new business seen since a steep downturn was reported in the sector in late-2010."
Below, key output from the report.
ORIGINAL:
Minutes away from the first ever U.S. PMI reading from Markit economics.
A preliminary reading showed moderate expansion at 53.9. A reading above 50 indicates growth.
There is no consensus for the final report.
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