US business activity growth held steady in May at a modest rate compared to earlier in the year, according to flash PMI data from S&P Global, as an improved performance in manufacturing was countered by a sluggish service sector. However, factory growth was again in part supported by temporary stock building and both sectors reported that order book growth had been somewhat subdued by the ongoing war in the Middle East, most notably in terms of export sales. Surging input costs, which jumped in May at the steepest rate since late-2022 on the back of rising war-related supply constraints and steep energy cost ... (full story)