Manufacturing growth accelerates for the first time this year
According to the Institute for Supply Management’s (ISM) latest report released Monday, the May manufacturing index increased to 52.8 percent up from 51.5 percent in April. Any reading above 50 percent indicates the manufacturing economy is generally expanding, while anything below 50 percent indicates contraction. The may index is the highest reading since February.
Of the 18 manufacturing industries, 14 reported growth in May, including food and beverage.
“Economy is showing signs of improvement,” said food and beverage respondents, according to the report.
The acceleration can be attributed primarily to an increase in new orders and employment, which are up 2.3 percent and 3.4 percent respectively.
The full report can be found here.