According to the most recent Manufacturing Report on Business from the Institute for Supply Management, the manufacturing industry saw a slight decrease for the month of May. The May “PMI” registered at 49.0 percent, while April registered at 50.7 percent, down 1.7 percent, meaning it is the first indication of contraction since November 2012. According to the most recent Manufacturing Report on Business, May marks the 48th consecutive month of growth for the overall economy.
The Employment Index registered at a consistent 50.1 for May, which is down from 50.2 in April. A reading above 50 percent indicates expansion in the manufacturing industry. May’s PMI reading is at its lowest level since June 2009 when it registered at 45.8 percent.
There are a total of 18 manufacturing industries reported, in which 10 saw growth in May. The report for May shows mixed indices, though it leaves plenty of room for optimism as the trends still indicate growth overall in the manufacturing industry.
One respondent in the transportation segment noted: “Business continues to increase, but over the past 20 days we have seen the trend flatten.”