ISM: Manufacturing at Highest Reading Since May 2022
Economic activity in the manufacturing sector expanded in May for the fifth consecutive month, according to ISM's May report released on June 1.
The Manufacturing PMI registered 54% in May, 1.3 percentage points higher than in April and its highest reading since May 2022 (55.9%)).
"Looking at the manufacturing economy, only 2% of the sector's gross domestic product (GDP) contracted in May, compared to 19% in April, and the percentage of manufacturing GDP in strong contraction was also 2%, the same as in April," said Susan Spence, chair of the Institute for Supply Management Manufacturing Business Survey Committee, in a statement.
The overall economy continued to expand for the 19th month in a row.
Index Readings
Supplier Deliveries Index indicated slowing performance for the sixth month in a row after one month in 'faster' territory. The reading of 60.6% repeated its April figure after the index increased in each of the previous five months.
Inventories Index registered 49.9%, up compared to April's reading of 49%.
Customers' Inventories Index reading of 42.7% compared to the 39.1% recorded in April.
New Export Orders Index returned to expansion territory with a reading of 50.6%, higher than the 47.9% registered in April.
Imports Index registered 53%, higher than April's reading of 50.3%.