US manufacturing activity slowed in May, with the ISM PMI dropping below 50 for the second consecutive month.
US manufacturing activity slowed for a second consecutive month in May, with new orders falling significantly. The Institute for Supply Management's (ISM) Purchasing Managers' Index (PMI) for manufacturing dropped to 48.7 from 49.2 in April, marking the second month below the 50 threshold that separates growth from contraction. High interest rates resulting from the Federal Reserve’s tightening monetary policy have led to reduced demand for goods, affecting the factory sector for over a year.
June 03, 2024
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