ISM Manufacturing PMI rose to 61.2 in May, up from 60.7, slightly above expectation of 61.5. The headline index indicates expansion for the 12th month in a row. ISM said, “the past relationship between the Manufacturing PMI® and the overall economy indicates that the Manufacturing PMI® for May (61.2 percent) corresponds to a 5.2-percent increase in real gross domestic product (GDP) on an annualized basis.”
Looking at some details, new orders rose from 64.3 to 67.0. Production dropped from 62.5 to 58.5. Employment dived from 55.1 to 50.9. Supplier deliveries rose from 75.0 to 78.8. Inventories rose from 46.5 to 50.8. Prices dropped from 89.6 to 88.0.
