Official data on manufacturing output showed production rising in May, but the muted increase leaves the sector with a big hill to climb in June to avoid falling into contraction for a second successive quarter, corroborating earlier weak PMI survey data from IHS Markit.
Manufacturing "recession" risk
Manufacturing output rose 0.2% in May according to official data from the Federal Reserve. The rise was the first recorded so far this year, so represented a welcome sign of revival. However, survey data hint strongly that the underlying business environment remained subdued in May, meaning growth could