PMI for the manufacturing sector continued its decline in May, coming in at 52, down slightly from April's 52.9. That figure is lower than the market was expecting, but it still marks the 27th consecutive month PMI has stood above the threshold of 50, which separates growth from contraction. Meanwhile, the sub-index for input prices, a measure of how much factories pay for raw materials and intermediary goods, fell to 60.3 in May from April's 66.2.

Analysts say that the readings show economic growth is slowing to become more stable and soaring inflation may start to calm. But they also have a word of caution - they say the overall expansion trend still needs close watch, and inflation may stay elevated in the months ahead, due to severe weather.