United States PMI May 2022

United States

United States: Manufacturing PMI rises in May

June 1, 2022

The Institute for Supply Management (ISM) manufacturing index rose to 56.1 in May from April's 55.4. Consequently, the index remained above the 50.0 no-change threshold, and signaled a faster improvement in business conditions compared to the previous month.

The rise came on the back of faster new orders growth. In addition, output, new exports and inventories growth strengthened. Meanwhile, employment slipped into contraction, while price pressures eased somewhat but remained elevated. Taken together, PMI figures for April and May suggest strong manufacturing momentum, notwithstanding global supply constraints, high inflation, and the war in Ukraine and lockdowns in China hitting external demand. This is in line with our panelists’ projections of robust industrial production growth in Q2.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 4.6% in 2022 as a whole, which is up 0.5 percentage points from last month’s forecast. In 2023, panelists see industrial production rising 1.9%.

Author:, Economist

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United States PMI Chart

United States PMI May 2022

Note: Composite index in the Manufacturing Report on Business (PMI). Readings above 50% indicate an expansion in the manufacturing sector while readings below 50% point to a contraction.
Source: Institute for Supply Management.

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