Manufacturing PMI Climbs to 54 as May Expands for Fifth Straight Month

ISM's May Manufacturing PMI rose to 54.0, its highest since May 2022, signaling five straight months of expansion for the manufacturing sector and the economy’s 19th consecutive month of growth; New Orders (56.8) and Production (54.3) increased while Employment (48.6) remained in contraction. Supplier Deliveries stayed slow (60.6); Inventories contracted (49.9) with Customers' Inventories still too low (42.7). Prices remained elevated (82.1) amid tariff/commodity dynamics; Imports grew (53.0) and New Export Orders returned to expansion (50.6).