US ISM manufacturing index rose from 55.4 to 56.1 in May, above expectation of 54.5. Looking at some details, new orders rose 1.6 to 55.1. Production rose 0.6 to 50.9. But employment dropped -1.3 to 49.6, in contraction region. Prices dropped -2.4 to 82.2.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for May (56.1 percent) corresponds to a 2.6-percent increase in real gross domestic product (GDP) on an annualized basis.”