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Recovery continues to broaden with 16 of the 18 manufacturing industries are reporting growth in May. Only one industry – Petroleum & Coal Products – reported contraction.
The New Orders Index registered 65.7 percent in May, the same rate of growth reported for April, while the Production Index decreased 0.3 percentage points to 66.6 percent. Both indexes continue to indicate growth. ISM's Employment Index also expanded, registering 59.8 percent for the month, 1.3 percentage points higher than April.
Manufacturers' inventories contracted in May for the second consecutive month as the Inventories Index registered 45.6 percent, 3.8 percentage points lower than April. The Customers' Inventories Index was 32 percent, 1 percentage point lower than April.
"Very low consumer inventories and strong gains in exports signaled in the ISM report point to key reasons for the strong and quick industrial rebound in this cycle," said Daniel J. Meckstroth, chief economist for the Manufacturers Alliance/MAPI. "There is a post-financial crisis global recovery in foreign trade coupled with a large domestic inventory swing which accounts for the very broad-based recovery in manufacturing activity and the upward price pressure in raw materials."
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