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| The Institute for Supply Management |
The latest data released this morning by the Institute for Supply Management showed the U.S. manufacturing sector contracted in May for the first time since November 2012. The monthly PMI registered a reading of 49.0% (a reading below 50.0% indicates the sector contracted). The 49.0% reading is 1.7 percentage points below April's reading of 50.7% and the lowest since June 2009 during the depth of the Great Recession.
Overall, ISM finds that while the manufacturing sector declined in May, the overall economy continued growing for the 48th consecutive month. Still, a weak manufacturing sector, if it persists for another few months, does not bode well for the overall economy in the coming months.
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