- Yet, raw material costs and output prices soared once again at all-time high rates, and IHS Markit survey respondents continued to cite severe supply chain disruptions.
- Manufacturing surveys from the New York and Philadelphia Federal Reserve Banks produced similar findings. While manufacturing activity eased in both districts in May, the underlying data and the outlook remained strong overall, even with supply chain disruptions and soaring prices.
- Across the Atlantic, Eurozone manufacturing activity also expanded solidly in May, with hiring accelerating at the best pace since February 2018, according to preliminary survey results from IHS Markit. Like the U.S., input costs and product prices soared to new records, and the service sector has bounced back as more virus restrictions are lifted.
- Outside the Eurozone, the United Kingdom’s manufacturing sector expanded at rates not seen since January 1992.
- Initial unemployment claims fell to 444,000 for the week ending May 15, the lowest since the week of March 14, 2020.
New York created the most net new manufacturing jobs in April. Just five states have produced higher employment in the sector since the pandemic began: Utah, Nevada, Alaska, Nebraska and Montana.