Economic activity in the US manufacturing sector grew in May, with the overall economy recording a 12th consecutive month of growth, according to the latest Manufacturing ISM Report On Business.
The May Manufacturing PMI registered 61.2 percent, an increase of 0.5 percentage point from the April reading of 60.7 percent. This figure indicates expansion in the overall economy for the 12th month in a row after contraction in April 2020. Index breakdown:
Index | May level | April level |
New Orders | 67 | 64.3 |
Production | 58.5 | 62.5 |
Backlog of Orders | 70.6 | 68.2 |
Employment | 50.9 | 55.1 |
Supplier Deliveries | 78.8 | 75 |
Inventories | 50.8 | 46.5 |
Prices | 88 | 89.6 |
New Export Orders | 55.4 | 54.9 |
Imports | 54 | 52.2 |
Sixteen of 18 manufacturing industries reported growth in May, in the following order: furniture and related products; nonmetallic mineral products; plastics and rubber products; textile mills; primary metals; computer and electronic products; electrical equipment, appliances and components; fabricated metal products; food, beverage and tobacco products; machinery; chemical products; miscellaneous manufacturing; transportation equipment; wood products; paper products; and petroleum and coal products.
The only industry reporting contraction in May is printing and related support activities.