June 8, 2016

Manufacturing Grows for Third Straight Month

Economic activity in the manufacturing sector expanded in May for the third consecutive month as the PMI registered 51.3 percent, reports the Institute for Supply Management, Tempe, Ariz. The PMI inched up 0.5 of a percentage point from April’s reading.

The story was mixed among other indices, with New Orders declining 0.1 percentage point to 55.7, the Production Index declining 1.6 percentage points to 52.6 percent and the Employment Index flat at 49.2 percent. The Employment Index figure represented contraction in employment for the sixth consecutive month.

Of the 18 manufacturing industries surveyed, 12 reported growth in May, including Fabricated Metal Products, Primary Metals, Appliances & Components, Machinery, and Miscellaneous Manufacturing. Six industries reported contraction, including Transportation Equipment.

A PMI above 50 percent represents growth in manufacturing. The PMI for May of 51.3 percent corresponds to a 2.6 percent increase in real GDP annually, reports Bradley Holcomb, chairman of ISM’s Manufacturing Business Survey Committee. The average PMI for the first five months of the year of 50.3 percent corresponds to a 2.2 percent increase in real GDP.


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Monday, December 18, 2017