June 7, 2017

PMI at 54.9 Percent in May

Economic activity in the manufacturing sector expanded in May, with the PMI registering 54.9 percent. The May PMI increased 0.1 percent of a point from the April reading, reports the Institute for Supply Management, Tempe, Ariz.

Of the 18 manufacturing industries, 15 reported growth in May, including fabricated metal products, primary metals, machinery, appliances and components and miscellaneous manufacturing.

Among other indices, the New Orders Index increased 2 percentage points to 59.5 percent, the Production Increase dipped 1.5 percentage points to 57.1 percent and the Employment Index climbed 1.5 percentage points to 53.5 percent.

The May PMI of 54.9 percent, if annualized, corresponds to a 3.7 percent increase in real GDP annually, says Timothy R. Fiore, chairman of the ISM’s Manufacturing Business Survey Committee. Additionally, the PMI of 56.1 percent for the first five months corresponds to a 4.0 percent increase in GDP.


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Tuesday, October 24, 2017