The May Markit services PMI
- The flash reading was 54.0
- 15 consecutive months above 50.0
- The final April reading was 53.1
- Composite PMI 53.6 vs 53.9 initially
- Prior composite reading was 53.2
- New business 54.6 vs 54.7 flash reading
- New business at highest since January
- Full report
The revision is a small negative but it's nothing that's going to get the market's attention but it's another input that suggests a weak Q2.
"Historical comparisons with GDP indicate the PMI is signalling second quarter GDP growth of just over 2%, suggesting there may be some downside risks," said Chris Williamson, Chief Business Economist at IHS Markit in the release.