The strong performance reflected sharp expansions in output and new orders. Strong client demand meant operating capacity came under greater strain, with backlogs increasing at the fastest pace since September 2015 and supplier delivery times lengthening to the greatest extent on record. Strong demand for inputs contributed to a sharp rise in purchasing costs, which in turn fed through to a marked rise in output prices.

The seasonally adjusted IHS Markit final U.S. Manufacturing Purchasing Managers' Index registered 56.4 in May, down fractionally from 56.5 in April. T