Summary

• The Institute for Supply Management (ISM) manufacturing purchasing managers' index (PMI) came in at 54.0 in May, marking the fastest expansion for the index since May 2022.
• Three of four demand indicators (the New Orders, Backlog of Orders, and New Export Orders indexes) were in expansion.
• Regarding output, the Production Index is in expansion for the seventh month in a row, and the Employment Index increased by 2.2 percentage points but remained in contraction.

By Jennifer Nash

The Institute for Supply Management (ISM) manufacturing purchasing managers' index (PMI) came in at 54.0 in May, marking the fastest expansion for the index since May 2022. The latest reading was higher than the 53.3 forecast and is the

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