Afternoon Coffee: US and British Manufacturing Sectors Expand, Drug Supply Shortage Grows

The US manufacturing industry expanded in May, according to the latest Manufacturing ISM Report on Business. The May PMI released by the Institute for Supply Management registered at 52.8%, up from the 51.% in April.

British manufacturing activity jumped last month as well, with the Markit CIPS manufacturing PMI hitting 52.0 after a 7-month low of 51.8 in April.

A supply shortage of medications in the US is becoming an increasing problem. The shortage has grown 74% in the past 5 years and includes a lack of supplies of antibiotics, saline and cancer drugs.

Cloud company Coupa Software announced it closed an $80 million investment round. The investment brings the company's total capital raised to $169 million.

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