The US manufacturing sector just posted its strongest expansion signal in months. The ISM Manufacturing PMI for May came in at 54.0, comfortably above the 53.3 forecast and the prior month’s 52.7 reading.
Any PMI reading above 50 signals expansion. A jump from 52.7 to 54.0 in a single month isn’t just expansion, it’s acceleration. The New Orders Index, often considered the most forward-looking component of the PMI report, landed at 56.8. Employment sub-indices also improved, rounding out a report that left very little room for bearish interpretation on the macro side.
Construction spending adds fuel
US construction spending rose 0.6% month-over-month in March, reaching a seasonally adjusted annualized rate of $2.1855 trillion. That slightly exceeded expectations, adding another data point to the “economy is humming” narrative.
What PMI data historically means for Bitcoin
