Manufacturing contracted in May, as the PMI registered 43.1%, 1.6% higher than the April reading of 41.5%. “The PMI contracted strongly in April and May after dropping below 50% in March. The PMI recorded its second-lowest level since April 2009, when it registered 39.9%,” said Timothy R. Fiore, chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.
“The coronavirus pandemic impacted all manufacturing sectors for the third straight month. May appears to be a transition month, as many panelists and their suppliers returned to work late in the month. However, demand remains uncertain, likely impacting inventories, customer inventories, employment, imports and backlog of orders.”