US: Non-manufacturing PMI improves to 58.6 in May from 56.8 in April - ISM

Reporting on the economic activity in the non-manufacturing sector, "the NMI registered 58.6 percent, which is 1.8 percentage points higher than the April reading of 56.8 percent," the Institute for Supply Management announced.

Key quotes

• This represents continued growth in the non-manufacturing sector at a faster rate.
• The New Orders Index registered 60.5 percent, 0.5 percentage point higher than the reading of 60 percent in April.
• The Employment Index increased 0.5 percentage point in May to 54.1 percent from the April reading of 53.6 percent.
• The Prices Index increased by 2.5 percentage points from the April reading of 61.8 percent to 64.3 percent, indicating that prices increased in May for the 27th consecutive month.
• The majority of respondents are optimistic about business conditions and the overall economy.
• There continue to be concerns about the uncertainty surrounding tariffs, trade agreements and the impact on cost of goods sold.