IMEF’s PMI surveys – Modest monthly decline in May, but still in expansion

  • Manufacturing fell to 50.8pts (-1.6pts), dragged by ‘new orders’ and ‘inventories’, partially offset by ‘deliveries’

  • Non-manufacturing also fell, down to 52.5pts (-0.5pts), with all items lower and ‘deliveries’ below 50pts

  • We expect the recovery to continue, albeit at a slower pace given higher risks in the short-term

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