May brought a surprising burst of vitality to the U.S. economy, with robust reports from the Institute for Supply Management and S&P Global. This resurgence in economic activity makes it highly unlikely that the Federal Reserve will entertain, despite the persistent murmurings from the Biden administration for a more lenient monetary stance.
, while export orders saw a dramatic increase to 61.8 percent from 47.9 percent. These gains reflect solid demand both domestically and internationally. This robust demand underscores the underlying strength of the U.S. economy, even as other sectors face challenges. Nieves’ optimism contrasts sharply with the sentiment among economists who are forecasting a slower second half of the year.The resurgence of growth in the services sector stands in sharp contrast to ISM’s read of the manufacturing sector, where the ISM Manufacturing PMI report was rather dismal., marking the seventh consecutive month of contraction.
On the other hand, the competing S&P Global Manufacturing PMI released Monday showed a more positive outlook and reading of activity in May. That report showed that, fueling a robust uptick in production as the second quarter unfolded. Business confidence also got a boost, with optimistic forecasts for the sector’s future driving firms to ramp up hiring, increase purchasing activity, and stockpile finished goods in anticipation of sustained growth.
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