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Editor's Note: The data from the Institute for Supply Management was updated as of 12 p.m. ET due to a software programming error. The following article has been updated with the correct figures.
The manufacturing sector grew in May, according to supply executives in the latest Manufacturing ISM Report on Business.
The report was issued today by the Institute for Supply Management.
The May PMI was 55.4 percent, an increase of 0.5 percentage point from April's reading of 54.9 percent, indicating expansion in manufacturing for the twelfth consecutive month. The New Orders Index registered 56.9 percent, an increase of 1.8 percentage points from the 55.1 percent reading in April, indicating growth in new orders. The Production Index registered 61 percent, 5.3 percentage points above April.
Employment grew for the eleventh consecutive month, registering 52.8 percent, a decrease of 1.9 percentage points from April. The Supplier Deliveries Index registered 53.2 percent, 2.7 percentage points below April.
Comments from the panel reflected generally steady growth, but highlight some areas of concern regarding raw materials pricing and supply tightness and shortages.
Of the 18 manufacturing industries, 17 are reporting growth in May in the following order: Furniture & Related Products; Electrical Equipment, Appliances & Components; Primary Metals; Fabricated Metal Products; Nonmetallic Mineral Products; Machinery; Transportation Equipment; Chemical Products; Paper Products; Computer & Electronic Products; Petroleum & Coal Products; Apparel, Leather & Allied Products; Printing & Related Support Activities; Food, Beverage & Tobacco Products; Wood Products; Miscellaneous Manufacturing; and Plastics & Rubber Products. No industry reported contraction in May.
For more, visit www.ism.ws.