US S&P Global Manufacturing PMI Flash (May) 55.3 vs. Exp. 53.8 (Prev. 54.5, Low. 53.2, High. 55)

"May PMI indicates that the economy will struggle to manage annualised GDP growth of much more than 1% in the second quarter. However, even this subdued pace of growth may not last." "Demand also looks set to cool further in response to rising prices. Firms’ costs have jumped higher at a pace not seen since the energy price shock of 2022 and are being passed on to customers in the form of sharply higher selling prices."  "The survey price gauges therefore indicate that inflation looks set to rise further just as the economy cools.”