US manufacturing sector shrinks in May

Jun 03, 2013 | 06:22 PM | Corinna Petry

Tags  Purchasing Managers Index, PMI, metals, fabricators, manufacturing activity, new orders, prices, inventories production

CHICAGO — U.S. manufacturing activity contracted in May for the first time since November, according to the Institute for Supply Management (ISM).

The ISM’s Purchasing Managers Index (PMI) for May fell 1.7 percentage points month over month to 49 percent, marking just the second monthly contraction since June 2009, ISM manufacturing business survey committee chairman Bradley J. Holcomb said June 3.

The index felt the effects of significant declines in the production, new order and order backlog subindexes, which fell 4.9, 3.5 and 5 percentage points month over month, respectively. All three fell below 50 percent, the threshold between growth and contraction.....





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