US: Markit Manufacturing PMI recovers to 39.8 (final) in May from 36.1 in April

• Markit Manufacturing PMI for US came in at 39.8 in May as expected.
• US Dollar Index pushes lower toward 98 after the data.

The IHS Markit's Manufacturing PMI rose slightly to 39.8 in May from April's all-time low of 36.1. This reading matched the previous estimate and the market expectation.

Further details of the publication revealed that the Output Index increased to 24.4 from 28.8 and the New Orders Index improved to 34.6 from 27.7.

Commenting on the data, “manufacturing remained in a deep downturn in May, as measures taken to contain the spread of COVID-19 continued to cause production losses, disrupt supply chains and hit demand," said Chris Williamson, Chief Business Economist at the IHS Markit. "Job losses meanwhile continued to run at one of the highest rates in over a decade, and pricing power has collapsed."

Market reaction

The US Dollar Index edged slightly lower and was last seen losing 0.25% on the day at 98.06.