Manufacturing output decreases for second straight month in May, reports ISM

Manufacturing output contracted in May, for the second consecutive month, according to the new edition of the Manufacturing Report on Business, which was issued today by the Institute for Supply Management (ISM).

The report’s benchmark reading, the PMI, came in at 48.7 (a reading of 50 or higher indicates growth), down 0.5% from April’s 49.2, which was off 1.1% compared to March’s 50.3 reading. March saw growth after a 16-month stretch of contraction—that was preceded by a stretch of 28 consecutive months of growth. ISM added that with May down, the PMI has contracted, at a faster rate, for two straight months.  

The May PMI is 0.8% above the 12-month average of 47.9, with March’s 50.3 marking the high over that period, and June 2023 marking the lowest, at 46.4.

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