The Institute for Supply Management (ISM) reported Friday that its Purchasing Managers' Index (PMI) fell 1.3 percent from 54.8 percent in April to 53.5 percent in May, still indicating expansion in the manufacturing sector for the 34th consecutive month.
The new orders index was the only one to increase in May, rising 1.9 percent to 60.1 percent. Meanwhile, the production index slumped 5.4 percent; inventories fell 2.5 percent; prices plummeted 13.5 percent into contracting territory; exports were down 5.5 percent; and imports were unchanged in May.