The fragility of the global economy was clear yesterday as markets gyrated in response to an unexpected fall in US manufacturing activity.
The Institute for Supply Management’s manufacturing index fell to 49 from 50.7 in April, data showed, compared with the level of 51 expected by economists. Fifty is the line between growth and contraction, and May’s reading was the lowest since June 2009.
It is the first time the index has fallen below 50 since November 2012, after the US east coast was battered by superstorm Sandy, but some negative ISM readings from last year have been revised up to positive figures, showing the danger of relying on one month’s data.
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