Market Watch Reported The Institute for Supply Management Index Fell to 49 from 50.7% in April. The Index was expected to rise to 51. This was the ISM Index’s Third Straight Monthly Decline. ISM Index Readings Below 50 Indicate Contraction for Manufactures. Readings Above 50 Indicate Expansion.
“Several Comments From [Executives] Indicate a Flattening or Softening in Demand Due to a Sluggish Economy, both Domestically and Globally, said Bradley Holcomb, Chairman of the ISM Survey Committee.”
“Economists say the Weakness in Manufacturing Underscores the Likelihood that U.S. Growth in the Second Quarter Will Slow From the First Three Months of the Year. Gross Domestic Product is Forecast to Sag to 1.9% From 2.4% in the First Quarter.”
“Of the 18 manufacturing industries, 10 are reporting growth in May in the following order: Printing & Related Support Activities; Nonmetallic Mineral Products; Fabricated Metal Products; Wood Products; Furniture & Related Products; Apparel, Leather & Allied Products; Food, Beverage & Tobacco Products; Electrical Equipment, Appliances & Components; Machinery; and Paper Products.
The six industries reporting contraction in May — listed in order — are: Miscellaneous Manufacturing; Transportation Equipment; Chemical Products; Plastics & Rubber Products; Computer & Electronic Products; and Primary Metals.”
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