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The Manufacturing ISM Report On Business is published monthly by the Institute for Supply Management (ISM), the largest supply management organization in the world, as well as one of the most respected. Economic activity in the manufacturing sector expanded in May, and the overall economy grew for the 109th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.
Manufacturing expanded in May as the PMI registered 58.7 percent, an increase of 1.4 percentage points from the April reading of 57.3 percent. This indicates strong growth in manufacturing for the 21st consecutive month, led by continued expansion in new orders, production, and employment.
ISM’s New Orders Index registered 63.7 percent in May, which is an increase of 2.5 percentage points when compared to the 61.2 percent reported for April, indicating growth in new orders for the 29th consecutive month.
ISM’s Production Index registered 61.5 percent in May, which is an increase of 4.3 percentage points when compared to the 57.2 percent reported for April, indicating growth in production for the 21st consecutive month.
ISM’s Employment Index registered 56.3 percent in May, an increase of 2.1 percentage points when compared to the April reading of 54.2 percent. This indicates growth in employment in May for the 20th consecutive month.
The delivery performance of suppliers to manufacturing organizations was slower in May, as the Supplier Deliveries Index registered 62 percent. This is 0.9 percentage point higher than the 61.1 percent reported for April.
The Inventories Index registered 50.2 percent in May, which is a decrease of 2.7 percentage points when compared to the 52.9 percent reported for April, indicating raw materials inventories grew in May.
ISM’s Backlog of Orders Index registered 63.5 percent in May, which is 1.5 percentage points higher than the 62 percent reported in April, indicating growth in order backlogs for the 16th consecutive month.
Of the 18 manufacturing industries, 16 reported growth in May, in the following order: Textile Mills; Nonmetallic Mineral Products; Electrical Equipment, Appliances & Components; Printing & Related Support Activities; Fabricated Metal Products; Furniture & Related Products; Machinery; Chemical Products; Food, Beverage & Tobacco Products; Computer & Electronic Products; Petroleum & Coal Products; Plastics & Rubber Products; Miscellaneous Manufacturing; Transportation Equipment; Paper Products; and Primary Metals. No industry reported a decrease in PMI in May compared to April.