U.S. Manufacturing Slides Again in May Amid Trade Tensions
(MENAFN) U.S. manufacturing continued its downward slide in May, edging deeper into contraction territory amid persistent concerns over the Trump administration’s erratic trade policies, according to data released by the Institute for Supply Management (ISM).
The ISM’s manufacturing Purchasing Managers’ Index (PMI) slipped to 48.5 in May from 48.7 in April, aligning with forecasts from economists surveyed by a media outlet.
The media outlet reported Monday, “That brought the index to its lowest level since November, as activity fell further below the 50-mark that divides growth and contraction.” “It was last above 50 in January and February, though that followed 26 consecutive months of contraction.”
Susan Spence, chair of the ISM Manufacturing Business Survey Committee, said demand indicators offered a mixed picture. New orders and backlogs declined, but at a slower pace than in April. However, customer inventories and new export orders experienced sharper contractions.
New export orders, outside the pandemic years, hit their lowest point since 2009. Meanwhile, the imports index plunged for a second consecutive month, highlighting weakening global demand. Spence added that price growth remained elevated but showed some cooling compared to April. On a slightly more positive note, the production index rebounded from a notably weak showing the previous month.
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