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US Manufacturing PMI - 12 Consecutive Months of Growth

US ISM Manufacturing PMI for May: 53.2 (See comment about correction to 55.4)
Forecast: 55.7
Previous 54.9

This is a slower pace of expansion in manufacturing, but nevertheless an expansion for the 12th straight month according to the Institute for Supply Management (ISM).

This is a mixed report. It shows continuing recovery and expansion, but short of impressive, and probably does not add any pressure to the FOMC to raise rates.

Here is a breakdown from today's report:

(source: ISM)

USD was strong to start the week, but stalled after the ISM Manufacturing data.

USD/JPY came back to 102 after rallying to almost 102.30.

S&P500, which pushed to another historic high to start this week at 1926, also retreated below 1920 after the manufacturing report.