Basic materials sector remains most rapidly growing sector in U.S.

The basic materials sector in the U.S. continued to be the most rapid growing sector amongst the six categories monitored in May, showed the latest U.S. Sector PMI data from IHS Markit. The basic materials sector has topped the growth rankings for three consecutive months and recorded the second most rapid rise in output in 26 months in the latest period.

In May, basic materials was one of the five sectors to record stronger rises in output in May, including consumer goods, technology, consumer services and financials. The latter recorded the most rapid rise in activity in 2017 so far, although at a rate that stayed weaker than those recorded in the final four months of 2016 and the long-run series average.

The wide industrials sector was a drag on the overall U.S. growth in May, recording the slowest growth in output since September 2016. Growth also eased in healthcare during the latest period.

At 17:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was bearish at -83.3222. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex