U.S. Manufacturing Index rebounds slowly, still below 50
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U.S. Manufacturing Index rebounds slowly, still below 50
ISM United States Manufacturing PMI contracted at a slightly slower rate in May, according to a report released by the Institute for Supply Management on Monday.
Purchasing Managers' Index (PMI) rose to 43.1 in May which is below economist estimates and below 50 which is indicated a contraction in manufacturing activity.
Nonetheless, Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee, said - "this figure indicates expansion in the overall economy after April’s contraction, which ended a period of 131 consecutive months of growth".
"The coronavirus pandemic impacted all manufacturing sectors for the third straight month. May appears to be a transition month, as many panelists and their suppliers returned to work late in the month. However, demand remains uncertain, likely impacting inventories, customer inventories, employment, imports and backlog of orders. Among the six biggest industry sectors, Food, Beverage & Tobacco Products remains the only industry in expansion. Transportation Equipment; Petroleum & Coal Products; and Fabricated Metal Products continue to contract at strong levels," says Timothy R. Fiore.
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