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.