Key facts
- The US services sector's ISM Services PMI fell to 54.5 in May from 59.2 in April.
- The US services sector has seen 23 consecutive months of growth.
- New orders and business activity declined in the US services sector in May.
- Vietnam's year-on-year CPI rose to 5.60% in May.
- Vietnam's inflation has accelerated for three consecutive months.
- Inflationary pressures in Vietnam have broadened to housing, services, and consumer goods.
- China's exports are expected to rise 15% year-on-year in May.
- China's export growth is driven by a backlog of orders and chip demand.
- Kuwait's business activity declined at a slower pace in May.
The US services sector experienced a slowdown in expansion during May, as indicated by the ISM Services PMI which decreased to 54.5 from 59.2 in April. This marks the 23rd consecutive month of growth for the sector, though the latest figures reveal a decline in both new orders and overall business activity.
In Vietnam, inflationary pressures continued to mount, with the consumer price index (CPI) rising to 5.60% year-on-year in May. This represents a post-2020 high and the third consecutive month of accelerating inflation. The inflationary trend has broadened, now encompassing housing, services, and consumer goods in addition to energy prices.