Manufacturing heading in the right direction, according to ISM’s May reportManufacturing heading in the right direction, according to ISM’s May report

After correcting its original report due to a software programming error, the Institute for Supply Management released its Manufacturing Report on business for May. The May Purchasing Managers Index registered 55.4%, an increase of 0.5% from April's reading of 54.9%, indicating an expansion in manufacturing for the 12th consecutive month.

The New Orders Index rose to 56.9%, an increase of 1.8% from the 55.1% in April, indicating growth in new orders for the 12th consecutive month. The Production Index jumped to 61.0, up 5.3% above the April reading of 55.7%. However, even with both the New Orders and the Production Indexes up, the Employment Index fell 1.9% from April's reading of 54.7% to 52.8%, showing a continued reluctance in hiring in manufacturing.