US ISM Manufacturing PMI fell from 49.2 to 48.7 in May, below expectation of 49.8. Looking at some details, new orders fell from 49.1 to 45.4. Production fell from 51.3 to 50.2. Employment rose from 48.6 to 51.1. Prices fell from 60.9 to 57.0.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the May reading (48.7 percent) corresponds to a change of plus-1.7 percent in real gross domestic product (GDP) on an annualized basis.”
