Posted June 1, 2017

Manufacturing expands in May

Economic activity in the manufacturing sector expanded in May according to purchasing managers.

The May purchasing managers index (PMI) registered 54.9 percent, an increase of 0.1 percentage point from the April reading of 54.8 percent.

The New Orders Index registered 59.5 percent, an increase of 2 percentage points from the April reading of 57.5 percent. The Production Index registered 57.1 percent, a 1.5 percentage points decrease compared to the April reading of 58.6 percent. 

"Comments from the panel generally reflect stable to growing business conditions, with new orders, employment and inventories of raw materials all growing in May compared to April. The slowing of pricing pressure, especially in basic commodities, should have a positive impact on margins and buying policies as this moderation moves up the value chain," said Timothy R. Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee.

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