ISM May Factory Index at 55.4, Group Says in Second Correction

The Institute for Supply Management said its May manufacturing index improved to 55.4 from 54.9 a month earlier, the Tempe, Arizona-based group said in a second correction on the data.

The group’s survey Chairman Bradley Holcomb said earlier in telephone and Bloomberg Radio interviews that incorrect seasonal adjustments were applied to the May figures. Holcomb had initially said the corrected reading was 56.0. The group first reported the gauge fell to 53.2 from 54.9 in April.

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