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Economic Data (USA)

Thursday, June 01, 2017

ISM Manufacturing Index for May 2017

Earlier today, the Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for May 2017:

Predicted: 54.6%
Actual: 54.9%

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

The previous month's PMI reading was 54.8%.

The following is a sampling of quotes from a diverse pool of U.S. manufacturers:

  •      "Sales have picked up compared to the last two months. Customer demand has increased."
    (Plastics and Rubber Products)

  •     "Economy is still strong, but [the] political climate can change things very quickly."
    (Transportation Equipment)

  •     "Global price increases for commodities."
    (Electrical Equipment, Appliances and Components)

  •     "Business (sales/production) is steady. Pricing pressures on raw materials. Skilled labor in short supply."
    (Furniture and Related Products)

  •     "Agricultural demand very strong."
    (Chemical Products)

  •     "Our business is definitely paying attention to developments with the Canadian lumber tariff announcement. The final outcome could change our fiber pricing."
    (Paper Products)

  •     "OEM longer lead parts possibly longer lead time due to more orders."
    (Nonmetallic Mineral Products)

  •     "Business conditions are steady, and with competition increasing, it's making negotiations even more intense to reduce costs."

  •     "Business is booming, and getting direct employees is increasingly difficult."
    (Fabricated Metal Products)

  •     "Difficult to find qualified labor for factory positions."
    (Food, Beverage and Tobacco Products)

Click here to view the complete ISM report

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