U.S. PMI fell 1.7 percentage points from the previous month in May

S&P Global announced that the U.S. manufacturing purchasing managers' index (PMI) fell to 57.5 in May, down 1.7 percentage points from the previous month and expanding at the slowest pace in three months. During the period, the initial value of the service industry PMI fell to 53.5 from 55.6 in the previous month, the lowest level in nearly four months. Affected by weaker confidence in the manufacturing and service industries, the preliminary U.S. composite PMI also fell to 53.8 from 56 in the previous month, hitting a near four-month low. Weak PMI numbers have raised concerns over whether the U.S. economy can withstand the Fed's continued aggressive rate hikes.