Growth in the US private sector accelerated in May by only slightly more than initially estimated, according to S&P Global's composite PMI index, which came in at 54.5 in final data, compared with 54.4 in flash estimates and 51.3 for April.

For the record, it is the 50-point threshold that separates expansion and contraction in a sector's activity: the higher the PMI above this threshold, the faster the pace of expansion.

S&P Global points out that overall US activity growth has reached its highest pace since April 2022, boosted by an acceleration in both manufacturing and services.

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