Find a synopsis of our Mid-Year Outlook webcast from June 27 and details on new economic reports MDM is set to roll out.
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Spending unexpectedly fell in May, dragged down by private construction.
Missing economists' expectations of an increase, the latest PMI reading indicated contraction for the 19th time in 20 months.
Though weak, it topped economists' expectations.
PMA said its members report a general sense of uncertainty over industrial demand, the election outcome, and whether tariffs will increase.
It far surpassed economists’ expectations and followed two straight flat months.
The U.S. central bank had collectively forecasted three interest rate cuts in 2024 as recently as March 21.
Overall, May’s reading indicated that inflation pressures are easing.
Orders through the first months of the year were up nearly 5% over 2023.
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April's orders sunk by nearly the same amount that they spiked in March, which is when many builders of such machinery end their fiscal year.
Sales rebounded from a modest March decline and held steady on an annual basis. Meanwhile, inventories also ticked up.
Year-to-date, spending is pacing strong at 10.9% above the first four months in 2023.
The industrial economy barometer has been in contraction territory for 18 of the past 19 months through May.
More sluggish than previously estimated, it marked the slowest growth quarter since 2Q22.
April marked the first three-month gain streak since the spring of last year.
It flipped from a strong 4.9% monthly gain in February.
Mirroring the latest MDM Forecast, revenue forecasts from manufacturing respondent now expect low single-digit revenue growth.
The month's production figure narrowly trailed Wall Street economists' expectation.
It illustrated sticky inflation that is likely another roadblock to the Federal Reserve making interest rate cuts anytime soon.
