ISM Manufacturing Index Well Below Consensus in May
June 1, 2011
Headline Alert
Economic Update: ISM Manufacturing Index
The ISM (Institute of Supply Management) Manufacturing index for May shows that the manufacturing sector continued to expand for the 21st straight month.
However,the index was reported at 53.5, which was below the consensus estimate for a reading of 57.5 and April’s reading of 60.4 - thus confirming a slowdown in the sector's growth.
The index is designed to indicate the state of the manufacturing sector in the U.S. Readings above 50 are indicative of expansion while below 50 suggests contraction in the sector.
The Prices Paid component, which is a measure of inflation, came in at 76.5. This was below last month’s reading of 85.5
The Employment Index was reported at 58.2 vs. last month’s 62.7
The New Orders Component came in at 51.0 vs. 62.7.
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