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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK manufacturing PMI advanced in May
In the UK, the preliminary manufacturing PMI registered a rise to 40.60 in May, compared to a reading of 32.60 in the prior month. Market expectations were for the manufacturing PMI to rise to a level of 36.00.
UK services PMI climbed in May
In the UK, the preliminary services PMI registered a rise to 27.80 in May, compared to a level of 13.40 in the previous month. Market expectations were for the services PMI to climb to a level of 25.00.
Euro-zone manufacturing PMI rose in May
In the Euro-zone, the flash manufacturing PMI registered a rise to 39.50 in May, compared to a level of 33.40 in the previous month. Market anticipations were for the manufacturing PMI to advance to 38.00.
Fed’s Powell: The US economy faces a ‘whole new level’ of uncertainty
The US Federal Reserve (Fed) Chairman, Jerome Powell, in his latest speech, announced that the US economy is facing “a whole new level of uncertainty,” due to the coronavirus pandemic. Further, he indicated that the country is going through a sudden and severe economic downturn that is without modern precedent.
US Markit manufacturing PMI climbed in May
In the US, the preliminary Markit manufacturing PMI registered a rise to 39.80 in May, compared to a level of 36.10 in the previous month. Markets were expecting Markit manufacturing PMI to record a rise to a level of 38.00.
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