- The US economic recovery shifted up a gear in May, with the PMI covering the combined output of the manufacturing and service sectors surging past all prior peaks by an impressive margin.
- The strong correlation between the PMI and GDP means the economy looks set to enjoy impressive - potentially double-digit - growth in the second quarter.
- While manufacturing continued to report further solid growth, it's the service sector that led the acceleration of the economy in May, as business activity surged at a pace far in excess of all previous highs.
For further details see:
U.S. PMI Surveys Signal Record Growth As Economic Recovery Shifts Up A Gear