U.S. Manufacturing Index Rises To Four-Year High In May
(RTTNews) - Manufacturing activity in the U.S. expanded for the fifth consecutive month in May, according to a report released by the Institute for Supply Management on Monday.
The ISM said its manufacturing PMI rose to 54.0 in May from 52.7 in April, with a reading above 50 indicating growth. Economists had expected the index to inch up to 53.1.
With the bigger than expected increase, the manufacturing PMI reached its highest level since hitting 55.9 in May 2022.
The advance by the index partly reflected an acceleration in the pace of growth in new orders, as the new orders index jumped to 56.8 in May from 54.1 in April.
The employment index also shot up to 48.6 in May from 46.4 in April, although the reading below 50 still indicates contraction.
"Among panelists, 50 percent indicated that managing head counts remains the norm at their companies, while 50 percent are hiring," said Susan Spence, MBA, Chair of the ISM Manufacturing Business Survey Committee.
Meanwhile, the report said the prices index fell to 82.1 in May from 84.6 in April, indicating a slowdown in the pace of price growth.
The ISM is scheduled to release a separate report on service sector activity in the month of May on Wednesday. The services PMI is expected to tick up to 53.7 in May after slipping to 53.6 in April.
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