Recent data from S&P Global indicates a significant uptick in US economic activity for May. The Composite PMI, which tracks private sector output across manufacturing and services, rose to 54.4 from 51.3 in April. Scores above 50 suggest expansion, while those below indicate contraction.

The Manufacturing PMI edged up to 50.9 from 50.0, surpassing economist predictions. Meanwhile, the Services PMI jumped to 54.8 from 51.3, also beating expectations.