ISM: US manufacturing PMI falls slightly in May
The United States Manufacturing PMI saw a decrease in May, falling by 0.2 percentage points month on month to 46.9%, the Institute for Supply Management (ISM) revealed in its report on Thursday. The figure was almost in line with the 47% forecast.
In the reported month, the New Orders Index stood at 42.6%, down 3.1 percentage points from April. The Employment index saw a monthly increment of 1.2 percentage points, landing at 51.4%. Besides, Production, Customer's Inventories, and New Exports Orders all came above the neutral 50%, reaching 51.1%, 51.4%, and 50%, respectively.
"The US manufacturing sector shrank again, with the Manufacturing PMI losing a bit of ground compared to the previous month, indicating a faster rate of contraction. The May composite index reading reflects companies continuing to manage outputs to better match demand for the first half of 2023 and prepare for growth in the late summer/early fall period," Timothy R. Fiore, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee, said.