United States: ISM manufacturing index increases slightly in May
June 1, 2021
The Institute for Supply Management (ISM) manufacturing index increased to 61.2 in May from 60.7 in April, consequently the index moved further above the 50-threshold that separates expansion from contraction in the manufacturing sector.
May’s stronger expansion was the result of faster growth in new orders, while production and employment levels increased at a slower pace relative to the previous month. Moreover, backlogs of work increased notably in May, while new export orders also rose at a quicker pace. On the price front, input prices continued to rise on the back of higher raw material prices but at a lower rate compared to the month prior.
Author: Steven Burke, Economist