The S&P Global Services PMI fell short of estimates, signaling weaker-than-expected economic activity and supporting the US Dollar amid risk aversion.
The final US S&P Global Services PMI declined to 50.7 in May, below the expected 50.9 and the prior month’s 50.9 reading. The figure indicates a slowdown in service sector growth, though it remains just above the 50 threshold separating expansion from contraction.
Analysts had anticipated a steady reading matching April’s 50.9, while the Composite PMI also came in slightly below forecasts at 51.5. The data reflects subdued business activity amid persistent economic uncertainty.
The US Dollar strengthened following the release, as investors sought safety amid signs of softer domestic growth and broader market caution.