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Manufacturing continued to expand in May, albeit at a slower pace than in April, according to the latest Manufacturing Institute for Supply Management Report on Business.
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The PMI registered 53.5 percent in May, 1.3 percentage points lower than April's reading of 54.8 percent.
The New Orders Index increased 1.9 percentage points to 60.1 percent, its highest level since April 2011. The Price Index for raw materials fell to 47.5 percent, a decline of 13.5 percentage points, indicating lower prices.
Of the 18 manufacturing industries, 13 reported growth in May: Nonmetallic Mineral Products; Furniture & Related Products; Apparel, Leather & Allied Products; Miscellaneous Manufacturing; Primary Metals; Electrical Equipment, Appliances & Components; Fabricated Metal Products; Machinery; Textile Mills; Paper Products; Computer & Electronic Products; Printing & Related Support Activities; and Chemical Products. The four industries reporting contraction in May are: Plastics & Rubber Products; Petroleum & Coal Products; Food, Beverage & Tobacco Products; and Transportation Equipment.
ISM manufacturing survey respondents generally viewed the economy as "steady" across sectors.