U.S. manufacturing companies grew at a somewhat slacker pace in May, mainly because new orders and employment expanded more slowly, a survey of executives found. The Institute for Supply Management said its manufacturing index fell to 53.2% last month from 54.9% in April. That fell short of the 55.8% forecast of economists surveyed by MarketWatch. Readings over 50% indicate more companies are expanding instead of shrinking, however. The ISM's new-orders index dropped 1.8 points to 53.3%, and production edged down to 55.2% from 55.7%. The employment gauge fell 2.8 points to 51.9%, the second lowest reading since last summer. Seventeen of the 18 industries tracked by ISM reported growth last month.
Source: Marketwatch
Source: Marketwatch
