Majority of U.S. sectors record slower rates of decline
Indices are available for the basic materials, consumer goods, consumer services, financials, healthcare, industrials and technology sectors.
The latest survey data, collected 12-28 May, pointed to a steep downturn across all areas of the US private sector economy with the exception of healthcare.
May data signalled that healthcare activity fell slightly, after posting a survey-record expansion amid the coronavirus pandemic in April.
A gradual easing of social distancing and stay-at-home measures helped to ease the rates of contraction seen across the consumer segments during May.
The consumer services and consumer goods sectors recorded much softer declines in business activity than in the previous month.
Similar patterns were signalled in financials and industrials, with the downturns in business activity across both categories moderating from April's survey records.
Technology was at the bottom of the table for business activity momentum with the rate of decline little-changed from April.
Survey respondents suggested that deep cuts to corporate spending had contributed to a sharp fall in demand during May.
The basic materials category was an outlier in May, with the decline in output accelerating to its fastest since the series began in October 2009.
This was linked to reduced production requirements across the global manufacturing sector and lower energy sector investment spending. ■