Purchasing Managers Index Rose to 56.1% in May
Tempe, AZ, June 1, 2022-The May Manufacturing Purchasing Managers Index (PMI) registered 56.1%, an increase of 0.7 percentage point from the reading of 55.4% in April, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.
This figure indicates expansion in the overall economy for the 24th month in a row after a contraction in April and May 2020.
This is the second-lowest Manufacturing PMI reading since September 2020, when it registered 55.4%.
The New Orders Index reading of 55.1% is 1.6 percentage points higher than the 53.5% recorded in April.
The Production Index reading of 54.2% is a 0.6-percentage point increase compared to April’s figure of 53.6%.
The Prices Index registered 82.2%, down 2.4 percentage points compared to the April figure of 84.6%.
The Backlog of Orders Index registered 58.7%, 2.7 percentage points higher than the April reading of 56%.
The Employment Index went into contraction territory at 49.6%, 1.3 percentage points lower than the 50.9% recorded in April.
The Supplier Deliveries Index reading of 65.7% is 1.5 percentage points lower than the April figure of 67.2%.
The Inventories Index registered 55.9%, 4.3 percentage points higher than the April reading of 51.6%.
The New Export Orders Index reading of 52.9% is up 0.2 percentage point compared to April’s figure of 52.7%.
The Imports Index fell into contraction territory, decreasing 2.7 percentage points to 48.7% from 51.4% in April.
Fifteen manufacturing industries reported growth in May, in the following order: apparel, leather & allied products; printing & related support activities; machinery; nonmetallic mineral products; computer & electronic products; food, beverage & tobacco products; transportation equipment; paper products; petroleum & coal products; plastics & rubber products; fabricated metal products; chemical products; miscellaneous manufacturing; primary metals; and electrical equipment, appliances & components. The only industry reporting a decrease in May compared to April is furniture & related products.