Markit Economics released its final manufacturing purchasing managers' index (PMI) for the U.S. on Monday. The U.S. final manufacturing purchasing managers' index (PMI) fell to 54.0 in May from 54.1 in April, beating the previous estimate of a decline to 53.8.

A reading above 50 indicates expansion in economic activity.

The decline was driven by lower new orders. The final new orders index slid to 54.3 in May from 55.3 in April. It was the lowest level since January 2014.

The Markit Chief Economist Chris Williamson said that lower new orders "provides further evidence that the strong dollar is hurting the economy".