Manufacturing Sector Contracts in May
Washington, DC, June 3, 2013 -- The manufacturing sector contracted in May for the first time in six months, according to the Institute for Supply Management.
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ISM said its index of national factory activity in May fell to 49.0 from 50.7 in April.
A reading below 50 indicates contraction.
The last time the ISM manufacturing index fell below 50 was November 2012, shortly after the massive storm on the east coast.
The measure for new orders dropped to 48.8 from 52.3. Production fell to 48.6 from 53.5.