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Financial News: U.S. Manufacturing Activity Grows Faster Than Expected In

U.S. Manufacturing Activity Grows Faster Than Expected In May

06/01/2018 - 10:21:00 (RTTNews)

(RTTNews) - A report released by the Institute for Supply Management on Friday showed growth in manufacturing activity in the U.S. accelerated by more than expected in the month of May.

The ISM said its purchasing managers index climbed to 58.7 in May from 57.3 in April, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to rise to 58.1.

The bigger than expected increase by the headline index was partly due to a notable acceleration in the pace of production growth, as the production index jumped to 61.5 in May from 57.2 in April.

The new orders index also rose to 63.7 in May from 61.2 in April, while the employment index increased to 56.3 from 54.2.

"Comments from the panel reflect continued expanding business strength," said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee. "Demand remains strong, with the New Orders Index at 60 or above for the 13th straight month."

On the inflation front, the report said the prices index inched up to 79.5 in May from 79.3 in April, indicating higher raw materials prices for the 27th consecutive month.

The ISM is scheduled to release a separate report on activity in the service sector in the month of May next Tuesday.

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