The ISM’s manufacturing index fell to 53.5 in May, down from 54.8 the previous month. Although the index declined, May’s reading still indicates expansion. In fact, the manufacturing index has indicated expansion for 34 consecutive months.
The details of May’s report were mixed despite the overall index decline. New orders improved 1.9 points to a reading of 60.1. The employment index inched lower by 0.4 points to 56.9 and new export orders dropped sharply from 59.0 to 53.5.
Read the ISM Manufacturing report.