Details of the May 2015 Markit manufacturing PMI:

  • Lowest since January 2014
  • Prior 54.1
  • Output 55.0 vs 55.3 in April
  • New orders 54.2 vs 55.3 prior

"The weaker order book trend doesn't appear to have affected hiring, at least not yet, with job creation picking up in May. However, unless production growth revives there is a worry that payroll growth will slow as companies seek to boost productivity," said Chris Williamson, Markit's chief economist.

Virtually no market reaction, Likely, at least in part, due to releases on the Philly Fed and existing home sales at the top of the hour.