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Economic activity in the manufacturing sector expanded in May, and the overall economy grew for the 121st consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.
The May PMI registered 52.1%, a decrease of 0.7% from the April reading of 52.8%, according to Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management Manufacturing Business Survey Committee.
The New Orders Index registered 52.7%, an increase of 1% from the April reading of 51.7%. The Production Index registered 51.3%, a 1% decrease compared to the April reading of 52.3%. The Employment Index registered 53.7%, an increase of 1.3% from the April reading of 52.4%. The Supplier Deliveries Index registered 52%, a 2.6% decrease from the April reading of 54.6%. The Inventories Index registered 50.9%, a decrease of 2% from the April reading of 52.9%. The Prices Index registered 53.2%, a 3.2% increase from the April reading of 50%.
“Respondents expressed concern with the escalation in the U.S.-China trade standoff, but overall sentiment remained predominantly positive. The PMI continues to reflect slowing expansion,” says Fiore.
Of the 18 manufacturing industries, 11 reported growth in May, in the following order: Printing & Related Support Activities; Furniture & Related Products; Plastics & Rubber Products; Textile Mills; Miscellaneous Manufacturing; Electrical Equipment, Appliances & Components; Computer & Electronic Products; Chemical Products; Food, Beverage & Tobacco Products; Nonmetallic Mineral Products; and Machinery. The six industries reporting contraction in May — listed in order — are: Apparel, Leather & Allied Products; Primary Metals; Petroleum & Coal Products; Wood Products; Paper Products; and Fabricated Metal Products.