US business activity shrinks more than expected in May
US Chicago Purchasing Manager Index (PMI) fell to 52.7 in May, the lowest since September 2009, versus consensus for 56.8, down from April’s final reading of 56.2.
Strong demand in the automobile sector has contributed to factory output, but the Eurozone’s woes and China’s economic slowdown may lead to some business cut back on company budgets.
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